The Euro is Set to Dive Below 1.07
The EURUSD may easily dive below the 1.07 support level. Although it is not very strong at the moment it still remains very important. I am not buying the Euro yet, as I believe the recent recovery should be considered to be rather temporary. There is no reversal candlestick pattern to buy on the Daily chart. There is no breakthrough from the downward trend and extremes are not rising. This may mean there was some profit taking at the end of May or early June. Traders are, probably, waiting for new drivers including the Purchasing Managers’ Index (PMI) data to continue the Euro short. In an alternative scenario, if the 1.07 support level is touched, a reversal to 1.10 may be formed, but so far there is no strong evidence to support this. The next support is located near the level of 1.0560. When the pair reaches this level will largely depend on the U.S. labour market data and manufacturing activity around the globe.
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