EUR/USD Morning Technical Report 30/10/2014
ecPulse
2014-10-30 06:54AM UTC
The pair dropped sharply yesterday after the Federal Reserve decided to end its third round of quantitative easing program, which boosted the dollar against major counterparts. Trading below 1.2660 forced us to activate our negative expectations yesterday, as we referred to the importance of turning negative. Today, stability below the referred to level forces us to think that the downside move could extend, especially with the negativity of both RSI and MACD.
From the downside, breaking 1.2580 could extend the downside move towards 1.2485, and breaking the latter extends bearishness towards 1.2405. From the upside, stability below 1.2660 is signficant to keep the downside move valid.
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