FX Market Observation 09.07.22
EURUSD
Follow up on the earlier EURUSD observation, the trendline back from 2002 broke earlier this year in March at around 1.09. The target was the horizontal support-line around 1.03/1.035 which has been tested for a few days and is now testing new lows, this is a big support level and for a contrarian trader it’s tempting to buy with close stops, longer term the sentiment is still bearish, with the next target support at around 0.95. We would not be surprised to see in the “near” future a test of an ultimate low of 0.82 back from 2000/01.
*Market Observations are NOT trading recommendations*
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