The EUR/USD has continued its bearish trend at the beginning of Wednesday session amid the strong recover of the U.S Dollar and the decrease of global demand for commodities. The Organization of Economic Cooperation and Development has reduced its growth forecast for the global economy this year and next year. While the investors main focus will turn to the Fed decision about hiking its interest rates on the next month of December.
The EUR/USD is moving within a descending wedge where it faced a strong barrier at the upper level of this wedge then resumed its decline. Today we expect that the pair will continue its bearish trend toward the tertiary level of the Alligator indicator at $1.0725, then toward the Trigger Vic’s at the key level of $1.0712, and a break below this level will open the door for a correction bearish wave toward $1.0673 and $1.0640. The main trend of the EUR/USD is expected to remain bearish as long as the prices will keep trading below the $1.0806 level. So any upward correction will represent good opportunities to enter sell positions and we recommend our dear traders to monitor the mentioned targets as take profit points.
