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US Dollar Outlook: DXY Index Rejects 50-Day Moving Average
2021-02-24 23:50:00
Euro Price Outlook - Stuck in Sideways Pattern for Now, Pushing Against Resistance
2021-02-24 09:41:00
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Crude Oil Price Forecast: Demand and Supply Drivers Firing on All Cylinders
2021-02-25 04:30:00
Crude Oil Prices Explode Higher - Are Gains Sustainable?
2021-02-24 17:10:00
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Stock Market Forecast for the Week Ahead: Growth to Value Rotation Heats Up
2021-02-24 22:30:00
Nasdaq 100 Suffers Breakdown as Dow Jones Treads Water - Stock Market Forecast
2021-02-24 17:00:00
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2021-02-24 06:00:00
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2021-02-24 23:50:00
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EURUSD Drops into 2008 Low and Loses 6.6% in May

EURUSD Drops into 2008 Low and Loses 6.6% in May

Jamie Saettele, CMT, Sr. Technical Strategist

WeeklyBars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Drops into 2008 Low and Loses 6.6% in May

Prepared by Jamie Saettele, CMT

The EURUSD has dropped to its lowest level since July 2010. Interestingly, the low today is within pips of the 2008 (October) low. Whether or not the level produces a bounce remains to be seen but I maintain my stance that “I wouldn’t chase the downside at these levels…respect the downside however against Monday’s high of 12624.” The next support isn’t until 12150. Resistance is now around 12500 although the breakdown level (January low) of 12622 (and this week’s high) would be ideal to short into if reached.

LEVELS: 12000 12150 12330 12461 12500 12575 12625

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

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