Tuesday, 22 September 2015

EUR/USD keep eyes on big picture target of 0.80 as trend line support breaks

Monthly chart shows EUR/USD trending lower from a giant multi year Head and Shoulders top. A measured target calculated by projecting a move lower from the neckline by the height of the Head is around 0.80.

Daily chart shows the market has broken below short term trend line support. A break below the larger channel would raise the odds that EUR/USD has begun the next big leg toward the eventual target.