EUR/USD - Reached Our First Target at 1.0660 - 02/08/2017 (GMT)

The EUR/USD pair traded as low as 1.0650 and challenged our recommended target at 1.0660 (see technical analysis here: http://bit.ly/2kGaJzw). The euro dropped more than 1% so far this month, against the greenback, and penetrated to the downside the upward sloping channel that was holding since January 3rd. Moreover, the single currency pair plunged below the 100-daily SMA and the initial target is the 1.0625 support barrier which coincides with the 200-SMA on the 4-hour chart.

Technical indicators lie in the negative territory whilst the stochastic oscillator is in the process to create a bearish crossover within its moving averages. The MACD indicator is following a path below its zero and trigger lines with strong momentum.