EUR/USD Drops into Feb High; Trendline is Just Below
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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-EURUSD has pulled back from channel resistance, 61.8% of the decline from the 2011 high (1.3833), and July 2011 low. The measured move from the recently broken 1.3645-1.3461 range is 1.3829 (1.3645 + 1.3645-1.3461).
-Price has dropped into former resistance from the Feb high. Additional support comes in from the 10/17 (high volume) close at 1.3674 and the trendline (at 1.3620 Thursday and increases about 10 pips per day).
-The line that extends off of the 2008 and 2011 highs is at about 1.3965 this week and in line with the May 2011 low at 1.3968.
LEVELS: 1.3606 1.36451.3727 | 1.3772 1.3803 1.3832
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