This cross pair is a weak market. It is interesting to see the market is engaged in a long, protracted bearish movement. Since the beginning of February, at least, 700 pups have been shed. In the past few weeks, short-term rallies have been invariably followed by further southwards movements.
There is currently a Bearish Confirmation Pattern in
the market. The price would continue moving downwards towards the demand zones at
130.00, 129.50 and 129.00. Nonetheless, a strong rally is in the offing, as the
outlook on EUR pairs is bullish for this week.
The material has been provided by InstaForex Company – www.instaforex.com