The EUR/USD pair initially tried to rally during the day on Thursday, but turned around to show signs of weakness. The 50-day exponential moving average is now looking to offer resistance, this being the case, the market will then probably drop down to the 1.05 level. Ultimately, I believe that the US dollar will continue to strengthen overall, so having said that I believe that we are still paying attention to the ECB extending quantitative easing, and of course the Federal Reserve raised interest rates. The longer-term downtrend should continue going forward.
Written by FX Empire