Euro May Fall Against Dollar on Fibonacci: Technical Analysis
This article is for subscribers only.
The euro is likely to extend its 1.3 percent drop in the past three sessions against the U.S. dollar this week, according to IG Markets Securities Ltd., which cited trading patterns.
The 17-nation currency has fallen below its 200-day moving average and continues to trade below it, according to Junichi Ishikawa, a Tokyo-based analyst at IG Markets. “The euro has broken the $1.28 level after falling below its 200-day moving average and technical indicators are suggesting further declines,” he said.