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The market has been pushing lower aggressively after breaking below the major DEMAND LEVELS around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.
EUROZONE current account stepped down to €18.1 billion which is an eight-month low. This is strongly affecting the market leading to the current long-term negative sentiment of the EUR/USD pair. The market is recently challenging historical lows that were established back in 2005 and 2003.
The pair has lost almost 750 pips since the beginning of 2015 as the market is revisiting the lowest rates since November 2003.
After monthly breakout below 1.2000, approximate long-term projection targets would be located near 0.9450.
The market currently looks oversold below the price level of 1.2000 and 1.1900 (prominent psychological SUPPORT and the lower limit of the movement channel on the H4 chart).
Currently, SELLING the EUR/USD pair should be avoided as much as possible at such historically low prices.
On the other hand, BUYING the pair is considered a low-risk opportunity after such steep decline. That is why conservative traders should wait for bullish pullback looking for better prices to SELL the pair off.
The price zone of 1.1540-1.1600 is a recently established SUPPLY zone. Short-term SELL positions can be taken there. Stop loss should be placed slightly above the price level of 1.1680.
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