Friday, August 31, 2012

EUR/USD ~ Update ~ 31 August 2012

As mentioned in my earlier EUR/USD updates, a break of 1.24ish should lead to a rally to the long-term downtrend line:

As you can easily see in the chart above, the long-term trend is still down and the medium-term trend is up.

If 1.24 is broken again, the medium-term trend is down again and we'll most likely drop to new lows. Should the EUR/USD break the long-term downtrend line though, the next target should be 1.30ish.