1Finance

Goldman Sachs technical analyst says 'EUR/USD seems to be resuming its trend':

• It peaked on Monday, right underneath an importantresistance area at 1.1052-1.1099. This region included theinterim high (bearish key day reversal) from Mar. 26th, theinterim low from Jan. 26th and the 55-dma.
• It's since broken lower from a triangle type pattern(ABCDE). Triangles tend to be characteristic of wave 4swhich in this case suits the underlying wave count andimplies that there is further downside potential.
• The next near-term support stands down at 1.0487-1.0458 (1.618 extension from Mar. 26th and the low fromMar. 15th).

• The LT target for EURUSD is back in focus; 1.0286-1.0103... Ultimately still like this level as a near- to medium- term target
• This 1.0286-1.0103 pivot includes 76.4% retrace of theentire '00/'08 rise as well as an equality target taken from the Jul. '08 peak. Reaching it would satisfy a multi-year ABC which began in '08. It would consequently be an ideal place to take on a more neutral outlook.

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