Flash: EUR/USD slide imminent – ANZ

FXstreet.com (New York) - According to Tim Riddell, Head of Global Markets Research at ANZ, “The recent EUR/USD below 1.3325 duly triggered a relatively sharp slide into the 1.3025- 1.3125 area to underscore the corrective range trading bias.”

Interim rebounds should struggle to regain 1.3200-50 and then be followed by another frustrating slide through 1.3000 in a position flipping decline to test 1.2700 within the context of a broader 1.25-1.37 range. “The head and shoulders pattern may be mentioned again, but not much should transpire from this.” Riddell adds.