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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

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