Haresh Menghani, an analyst at FXStreet, analyzes the EUR/USD technical outlook as the Wednesday’s uptick lacked any strong follow-through, rather already seemed to have fizzled out.
Key quotes
“The pair’s inability to register any meaningful recovery despite extremely oversold conditions suggests that the near-term bearish pressure might still be far from over.”
“It will be prudent to wait for some strong follow-through selling below support marked currently near the 1.0775 region, before positioning for any further near-term depreciating move. A convincing breakthrough will be seen as a fresh trigger for bearish traders and pave the way for a further near-term depreciating move. The pair then might accelerate the fall further towards testing the 1.0700 round-figure mark.”
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