News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
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.

DISCLOSURES