Following is a selection of comments from analysts on important technical developments in the foreign exchange market:
This fits with the idea that the end of corrections tend to be violent affairs. Corrective wave c (beginning at 1.2874) would equal corrective wave a (1.2938-1.2723) at 1.2659. This is the ideal bottoming area for EURUSD and we'll look for a rally from there."
The completion of the correction requires one more wave down to at least 113.95 and weakness in recent days may be the beginning of this move. 117.05 needs to hold as resistance in order for the bearish scenario to play out."