As the possibility of saying goodbye to the 1.2000 figure became more realistic, euro bulls will most likely face the prospect of testing 2004 lows of 1.1762, with a further breakdown aiming for 1.1400 handle. Indicators signal a trend reversal with ADX (DMI) on the daily chart to 26.66. Stochastic is neutral on the daily chart at 31.16. The Stochastic on the dealer (4HR) chart is neutral at 60.19. RSI is neutral on the daily chart at 39.77 with the 4-hour chart RSI also neutral at 44.29. MACD is pointing upward deep below the zero line on the daily chart and is pointing downward below the zero line on the dealer (4HR) chart.
|1.2250||Major||23.6 Fib of the 1.3126-1.1980 dollar rally|
|1.2197||Intermediate||June 22 daily high|
|1.1970||Minor||Aug 8 daily spike low|
|1.1895||Intermediate||May 20, 2004 daily spike low |
|1.1772||Major||May 13, 2004 daily spike low|