Mihai_Iacob

EurUsd- Do we have a genuine break?

Short
FX:EURUSD   Euro / U.S. Dollar
In my yesterday's EurUsd commentary I said that I work with two bearish scenarios:
1. A retest of 1.08 and fall after
2. A direct break under support without a test

At this moment, after almost 2 weeks of consolidation in a rectangle, EurUsd is trading under 1.05 important support.
Considering the time of consolidation and the incapacity of the pair to pass above 1.0650 I believe this is a genuine break.
My long-term target, as you know, is the 0.85-0.90 zone, as for the short term, 1.03 can be a good price for bears.
As long as the price is under 1.0650 sell rallies can be a good strategy with the focus on a good R: R rate.

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