EUR/USD Outlook For October 30, 2014

EUR resumed its downmove after having rebounded from yearly lows of 1.25. Yesterday confirmed that a new leg down is on and if there is a head & shoulders support at 1,2615 and the head top is at 1,2850, we could expect a fall down to lower than 1,24. A retest of 1,26ish is likely this week, but sellers will re-emerge at this level, before 1,25 at minimum is retested.

EUR/USD, 5-hour chart:

EURUSD(5 Hours)20141030110523

Chart courtesy of Investing.com. http://Investing.com

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