EUR/USD: next target 1.0504 – KBC

FXStreet (Barcelona) - With EUR/USD turning further negative, the next target for the pair is 1.0504, notes The Research Team at KBC Bank.

Key Quotes

“The technical picture for the EUR/USD cross rate turned further negative as the pair dropped below the previous cycle low. The support at 1.0765 is already cleared. 1.0504 (2003 lows) is the next target.”

“On the topside the 1.1098 previous low is a first reference short-term. A rebound north of 1.1534 would question the established downtrend. This looks very far away.”