CitiFX note via eFX
, notes CitiFX"EURUSD has sustained the break below levels in the 1.1050-60 area which was the previous breakout level on the way up at the beginning of Feb and also where the 200 day moving average comes in. We also closed last week week below the 55 week moving average last week which is another bearish development – it cannot be seen on the daily chart aboveFurthermore, we have closed below the base of the rising channel and posted a bearish outside day as a continuation pattern to move lower. The bearish outside day is similar to that seen on 15 Dec 2015 from the same levels (middle red circle). From there we continued lower until 5 Jan 2016," Citi adds.
EUR/USD price action is similar to October 2015 says Citi. Levels & targets
