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Collins: A series of sell-offs for EURUSD

The upside failure on Tuesday highlighted a bearish trend for EURUSD, corresponding with news that the eurozone economy had weakened. Data out of Europe suggested slowing economic growth, with Germany explicitly cutting its growth forecasts for the year. A similar type of selling pressure was seen on Monday as sellers entered the market at the 13 day moving average. Alan notes that investors are using these short rallies to find better levels to sell.

With this bearish trend in place, Alan is looking for rallies to be temporary as selling pressure continues. He is targeting a re-test of this year’s low at USD 1.2500 and an important 76 percent correction point at USD 1.2583. A stop can be placed at USD 1.2710, as a move above this level may compromise the recent bearish momentum.

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