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Collins: EURUSD can go lower

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August 27, 2014 alan collins, equities, eur, eureur, euro, euro area, euro dollar, euro zone, eurodollar, europa, europe, european, european central bank, european economy, european union, eurozone, eurozone crisis, eurozone recovery, eurusd, forex, forex 2014, forex 2014 outlook, forex and more, forex buying, forex eurusd, forex exchange, forex idea, forex market, forex market overview, forex markets, forex saxo bank, forex strategy, forex trade idea, forex trading, forex trading 2014, forextrading, fx, fx award, fx changes, fx chart, fx crosses, fx dealing, fx dollar swiss, fx eurgbp, fx eurjpy, fx exchange, fx forex, fx gbpusd, fx interbank markets, fx investing, fx market, fx markets, fx options, fx pairs, fx pound, fx regulation, fx saxo bank, fx spot, fx sterling dollar, fx strategy, fx trade, fx trade idea, fx trade', fx traders, fx tradersfx, fx trades, fx trading, fx tradinging, fx trends, fx usdchf, fx usdjpy, fx volatility, fx volatitily, fx vols, fxallocationmodel, fxfx, fxfxfotrex, fxmarkets, fxmonthly, fxoptions, fxoptions', fxspot, fxtrade, saxo tv, traders tale, tradingfloor.com, usd, usd index, usd jpy, usdaud, usdcad, usdchf, usdeur, usdgbp, usdjpy, xf
Alan Collins is trading EURUSD and expecting the negative trend to continue. The down trend has dominated for the last two months, this week is the sixth 'down week' out of the last seven.
Alan notes that EURUSD has corrected more than 62% from the 2013/14 rise. The Market continues to attempt profit taking rallies but Alan says "Prices are hugging the lower end of daily and weekly Keltner channels" suggesting more negative action to come.
Targets: 1.3104 & 1.3040
Above 1.3245 delay trade