EUR-USD Bottom @ 1.0341?
On January 4, 2017, one day after the EUR-USD hit 1.0341, a 15-year low, we made the following forecast:
On four occasions, since December 15, the EUR-USD has tested the 1.0350 level, our precise downside target for a bottom, and, on four occasions, the 1.0350 level has stopped the decline. Yesterday, EUR-sentiment reached an extremely oversold condition for the nth time since the 1.0458 March 16, 2015 prior multi-year low. And right now, the EUR-USD is at 1.0495. So, the EUR-USD should’ve bottomed yesterday at 1.0341. An initial and swift 7% rally to the 1.10 resistance level should be rather imminent and should be the first leg of a larger rally that should ultimately end at around 1.20.
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