The EUR/USD Trend Resumes
The EUR/USD looks like it is going to continue the trend, according to the technical analyst at Goldman Sachs. The EUR/USD reached the highest level on Monday, settling just under a crucial resistance level of 1.1052-1.1099. The region included a provisional high, (a bearish reversal of the key day) recorded on 26th of March, provisional low, recorded in 26th of January 2015, and the 55-dma.
The triangle pattern type was been broken, as the EUR/USD went down from it (ABCDE). These patterns are characterizing the 4s wave, compatible with the underlying wave count in this matter. The trained indicates further possibility of going even lower. The support level for the next term is at 1.0487-1.0458 (1.618 extension from 26th of March, and the low from 15th of March).
The LT target is implied to be back in focus, for the EUR/USD: 1.0286 – 1.0103. Finally, this level remains a near or medium turn target. The 1.0286-1.0103 pivot include a 76.4 percent retrace of the whole rise, recorded from 2000 to 2008, and also the equality target form the peak in July 2008. The meeting of the peak level would fit into an ABC, started in 2008, and lasted for multiple years. The more neutral outlook would ideally be taken in this place.