Euro Heads for $1.2215 on Bearish Engulfing: Technical Analysis
This article is for subscribers only.
The euro is poised to fall to a one-week low of $1.2215 in the next two days after a “bearish engulfing” overwhelmed traders who had been buying the 16-nation currency, according to Barclays Plc.
The 16-nation currency opened higher yesterday and rallied as much as 0.8 percent to its four-week high of $1.2487 in Tokyo trading. It went on to slump below its June 18 low during the New York session to close at $1.2312 on concern the resumption of more flexible trading in China’s yuan would provide less support to global growth than analysts had initially predicted.