EURUSD had been in a strong uptrend since
2002 till 2008 and after that it has been swinging wildly between 1.5 and 1.2.
In its recent upswing, it has been rising
since 2012 but has failed to sustain above 61.8% level of its current swing. It
has also made an RSI divergence which indicates end of the current rally. The
downside target for current fall is 1.314 within one year.
There are indications that EURUSD may breach a
very critical 38.1% level of 1.30 and the last line support of speed resistance
lines. In this scenario, it will enter a long term downtrend and may fall up to
1.140 by end of year 2015. In next few years Euro may fall back to sub 1.00
levels.
