EURUSD -- 1.1316
My mid-term target of 1.1174/68 (see “Weekend update”) comes faster in play than previously assumed. Nevertheless the spike low this morning to 1.1264 could have been the low for the next trading hours before the currency pair resumes its downtrend. The quite fast downward move looks stretched now and I expect at least a little recovery.
On the hourly chart the pair needs to break 1.1320 for a move up to the 1.1355 (50 ema) resistance. The daily chart looks really heavy and although I expext a small relief rally you have to be brave to buy at these levels. Keep stops tight. Better look for shorts.
Good luck,
Sebbo