FxWirePro Call Review: Euro short-term outlook revised from bullish to bearish targeting 1.17

In February, as the euro reached our bullish target at 1.25 against the USD (https://www.econotimes.com/FxWirePro-Renewed-upward-momentum-might-prompt-euro-to-test-125-against-USD-1081111) , we suggested in an article, named, “FxWirePro: Euro like to rise another 200 pips in current run”, available at https://www.econotimes.com/FxWirePro-Euro-like-to-rise-another-200-pips-in-current-run-1152208  that the single currency is likely to rise by another 200 pips to test resistance around 1.27 area.

However, the euro failed to reach our stipulated target around 1.27 and has been declining after reaching 1.255 area and is currently trading at 1.218 area. The stop loss for the 200 pips trade was hit around 1.235 area.

In this article, based on our calculations, we would like to revise our short-term outlook for the euro from bullish to bearish. Calculations suggest that the single currency is likely to reach as low as 1.17 against the USD.

We would like to urge our readers to go short on the euro at the current rate of 1.218 against the USD and at rallies with a target around 1.17 area. The stop loss for this trade should be maintained around 1.255 area for the time being, which could be lowered later on.