The EUR/USD pair fell significantly on Thursday, as the 1.0750 level offered massive resistance. By breaking down like this, I believe that the market continues to go lower, perhaps reaching towards the 1.05 level underneath. A breakdown below the red moving average on the chart, which is the 50-day exponential moving average, tells me that the market is going to continue the massive downtrend that we have seen for so long. A break above the blue moving average, which is the 100-day exponential moving average would be a buying opportunity going forward.
Written by FX Empire