EUR/USD: As our expected corrective weakness was triggered and sent the pair lower on Thursday, further downside risk is now building up towards its channel support at 1.4420.
Guest post by www.fxtechstrategy.com
We look for that level to provide a strong support and turn the pair higher in the direction of its long term uptrend. Further down, support comes in at the 1.4402 level, its channel support. Its daily stochastic is bearish and pointing lower suggesting further declines.
On the other hand, the pair will have to violate the 1.4899 level to resume its long term trend now on hold towards the 1.4902 level, its Dec 06’2009 high. Further out, resistance comes in at the 1.5140 level, its 2009 high. 