EURUSD March 2015 Outlook

EURUSD (1.1193) March 2015 Outlook

For 2015 EURUSD has reached the 1.1096 target sited in our Jan 4, 2015 forecast as the decline from the 2014 high at 1.3992 continues to unfold with prices next targeting the 76.4% of the 0.8563-1.6037 rise at 1.0327. Last month witnessed February prices open at 1.1311 and close 1.1193, well below the 61.8% of the 0.8563-1.6037 rise at 1.1418 thus confirming downside risk remains for 1.0327(76.4% of 0.8563-1.6037).

As to the corrective rise from the 2015 low at 1.1096, look for a daily open below 1.1996 and lower close to confirm near-term downside extension is once again underway targeting 1.1096 followed by 1.0826 with prices eventually reaching 1.0327 in the weeks ahead.

Only a monthly open and higher close above 1.2445 will change the long term outlook to neutral.

-By Trader Ron