Good morning all,
The EUR/USD prices covered its losses on Friday evening with 170 points, after a sharp decrease on the same day in the morning.
Today, the Euro is trading within a high level trading more higher than Friday trading , so it should continue its recovering during this morning and the next target would be towards the 1.2459 level , should the prices succeed in breaching up this level , the next target would be towards the 1.2496 level .
We notice on the weekly chart that the prices are trading within a downward channel and it has succeed in breaching the bottom level of the downward triangle and closed below the Fibonacci 176.4 % .
This confirms the continuity of the bearish trend on the weekly trading and should the prices breach down the 1.2393 level , it will test the 1.2307-1.2286 area .
We also notice that the ADX indicator refers to the strength of the bearish trend , so should the prices breach down the 1.2286 level, the next target would be towards the 1.2166 level.
(Read more http://www.mbcfx.com/news/news_en04_06.html)