FX Technical Analysis by RCPL Forex

Euro was hammered after the mild recovery as it shed 375 pips in yesterday’s session to touch a low of 1.4053. Currently Euro is trading around 1.41 levels and breaking of 1.40 on the downside is imminent. The charts are oversold, however, key focus would remain on Germany Trade Balance and Current Account, which can drag Euro further down. Opportunities to short around 1.4185 (38.2% of the recent fall) can be considered for 60-70 pips. (Eur/Usd: 1.4093).

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