Goldman Sachs: correction in EUR/USD is over
Analysts at Goldman Sachs believe that the correction up in EUR/USD is over. In their view, the pair has almost completed an ABC move and the overall downtrend towards 1.0286/1.0103 is now ready to resume.
There’s resistance at 1.1052/1.1099 (March 18 and 26 highs, January low). Stronger resistance is located at 1.12 (55-day MA): this line has earlier limited the upside in July/December.
In addition, oscillators on the daily chart have held at the top of its lowered range highs. There were also positive signals from the US dollar index (DXY) which should make EUR/USD bears more confident.