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EURUSD Testing Resistance from June 2010

EURUSD Testing Resistance from June 2010

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_eur-usd_body_eurusd.png, EURUSD Testing Resistance from June 2010

Prepared by Jamie Saettele, CMT

The EURUSD dipped to another low and tested resistance from June 2010 today at 12467. The drop to a new low was on news (Egan Jones). In my experience, moves on news have a higher probability of being retraced (this is applicable across the board today). I wouldn’t chase the downside at these levels but will note that the next supports are 12353 and 12152. Respect the downside against Monday’s high of 12624. A move above would once again open up a move towards 12725, which would be a level that I’d be willing to short again.

LEVELS: 12150 12350 12460 12520 12575 12625 12725 12825

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.