EUR/USD 1.2400 Next?
EUR/USD: Since our last euro article, the price did in fact lose steam and revisit the 1.1870 regions. The daily time frame displays a newly formed higher low, and if price action continues to hold above the critical level of 1.1925 further upside momentum is a likely possibility.
Multi-month highs on the EUR/USD are now expected to be taken out after the bearish runs that technical floor members had the opportunity to take full advantage of during numerou intraday trade setups.
Late August, it was suggested that the pair would eventually meet 1.2400 by the end of September 2017. Does this projection still remain a possibility? We believe so.
Previous Post: We anticipate the price to possibly decline during the first few days of the coming week, with the zone of 1.1925 - 1.1945 to be noted for downside target projections and as an area of confluence for a supportive bounce. After the most recent higher high, a pullback is now expected as we have taken out the peak of August 29th, 2017.
Depending on the coming week's performance and P.A closure, a weekly close below 1.1925 could validate a reversal. However, the odds are that the EUR/USD pair could run higher into the region of 1.2400 by the end of the month.