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Euro Breaks Down-Bottom of Support Range Near 13700

Euro Breaks Down-Bottom of Support Range Near 13700

2011-05-23 23:15:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

TopHeadline_2_body_eurusd.png, Euro Breaks Down-Bottom of Support Range Near 13700

Prepared by Jamie Saettele, CMT

The EURUSD has broken down below 14000 and focus is on several measured levels and channel support. Expect the EURUSD to work lower with price below 14345 towards the 61.8% extension of the decline from the top at 13794. One would expect the 13660 area to prove especially formidable as this level is defined by the 61.8% retracement and 200 day average. 14120 and 14190 are near term resistance levels.

Support/Resistance Index (M,W,D) – (3), (1), (3)

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Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market. Send requests to receive his reports via email to jsaettele@dailyfx.com.

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