NEW YORK (Forex News Now) – As of around 8:40 A.M. GMT on Monday, the euro was slumping versus the dollar in early European currency market trading.
This is what the analysts say about the heavily traded currency pair in the near-term:
Forexcylce says EUR/USD is still in an uptrend from 1.2587.
“The fall from 1.4152 is treated as consolidation of uptrend. Key support is at 1.3775, as long as this level holds, uptrend is expected to resume, another another rise to 1.4200-1.4300 area is still possible after consolidation,” the realtime forex news site adds.
FXstreet, meanwhile, notes that the currency pair should have a corrective bounce soon, “but only to around 1.4000 and 1.4030.”
According to the site’s EUR USD, in the event of a close below 1.3850, “the Long term bias will be to the downside with the ABC sequence now complete.”
In a report geared towards technical analysis trading, Actionforex points out that strong support is expected from 38.2% – retracement of 1.2587 to 1.4150 at 1.3553 to contain downside movement and bring about another rise.
However, the site adds that, “Above 1.4150 will target medium term trend line resistance at 1.4572 next.”