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The EU seems to stay knee-deep in crisis despite isolated reassuring stats. Indeed, global economic instability and uncertainty is still there and affecting many economies worldwide. The eurozone is not an exception, with its Greece, Spain , Portugal and other debt-ridden economies that are hindering the overall economic stability in the region while Germany is sick and tired of being the economic locomotive of the eurozone and sponsoring Greece.
Needless to say, that all this cannot but affect the Euro currency and its exchange rate against the US Dollar and other major currencies.
What are the near-term prospects of EURUSD? Let’s ask Masterforex-V Academy, which has been a real expert in currency trading from years.
Masterforex-V Academy on Mid-Term Prospects of EURUSD
The mid-term technical analysis conducted by the trading experts of Masterforex-V Academy indicates the following:
The level of 1,3668 has recently witnessed a fractal-zigzag reversal (FZR) of level H1. The downward movement is defended by the sloping channel built through 1,3739 – 1,3715.
Therefore, EURUSD has just finished forming wave aC/C of level H4 started at 1,3515. The Fibo grid (1,3515 - 1,3739) built on top of it can still be used to trace major levels.
The following downward targets deserve attention:
1,3653=38% - already hit
1,3627=50% - wave 4 is probable until it is hit
1,3601=62%
1,3568=76%
1,3541=88% + sloping channel (1,3507/1,3515)
In order to continue the upward move, the price will have to built a bigger-scale upswing with breaking above the top of the sloping channel built through 1,3739/1,3715 as well as the pivot located at 1,3714 and forming an upward FZR.
