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Oct 07 - 03:55 AM
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EUR/USD - Correction Paves Way For A Drop Toward 1.1100
By Jeremy Boulton — Oct 07 - 02:30 AM
• EUR/USD rose to 1.1276 on Tuesday meeting target for a minor correction
• A 23.6% retrace drop from 1.1645 on Sep 9 to 1.1161 Oct 5 is 1.1277
• An oversold situation has been alleviated and pair has dropped on Weds
• On Wednesday's pair down from 1.1262 to 1.1223 EBS
• Oil has climbed around $3 pb since Weds weighing EUR/USD
• Downside target off Sep 9 high, Oct 5 low and Oct 6 recovery high is 1.1088
• *
EURUSD target
EURUSD correction
(Jeremy Boulton is a Reuters market analyst. The views expressed are his own)
Source:
London Stock Exchange Group | Thomson Reuters