EURUSD Forecast, March 27

The EURUSD pair proceeds with its descending float after ECB President Draghi said risks are tilted to the downside, rehashing known messages.

Sellers are in near term control and price looks to be set out toward a further move lower at this point before things show signs of improvement. Spot went under recharged selling pressure today and tested fresh weekly lows in the 1.1260/50 band. Additional retracements are consequently likely and at this moment target the yearly lows in the 1.1185/80 band.

In the bigger picture, the negative forecast on EURUSD is seen unchanged while underneath the five-month resistance line, today at 1.14.

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