EURUSD, Daily
EURUSD failed to stage a recovery and now trades at 6 month lows. EUR bears get a boost as ECB member Liikanen said that the central bank stands ready and willing to act, confirming speculation that a cut in the deposit rate is in the works for December. Since price broke the 1.0810 support now turned resistance, but failed to touch the 1.0660 next relevant support level, this leaves me with the view that price may attempt to trace out a short term measured move higher to create a new lower top below 1.0870 before we see an attack on the next leg lower near the 1.0580′s. The risk however, with this type of trade set-up, since momentum analysis remains firmly to the downside, is that we cannot rule out any sudden sharp declines if price fails to make any progress towards the 1.0810 area.
Janne Muta
Chief Market Analyst
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