There' a "V-Top" pattern, so the pair is likely going to test the closest support at 1.3996 - 1.3979. Meanwhile, if a pullback...
EUR/USD reached buy target 1.1270
- EUR/USD reached buy target 1.1270
- Next sell target - 1.1160
EUR/USD recently reversed down from the powerful, long-term resistance level 1.1270 (which reversed the pair sharply in November and May and which was set as the buy target in our earlier forecast for this currency pair). The downward reversal from this resistance level stopped the earlier minor impulse wave (v) – which belongs to the C-wave from the middle of April. Considering the clear bearish divergence on the daily RSI indicator - EUR/USD is expected to fall to the next sell target at the next support level 1.1160. Strong resistance remains at 1.1270.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.