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EUR/USD Old Support Provides Resistance

EUR/USD Old Support Provides Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“EURUSD has taken out the 2005 low at 1.1640 and now trades at its lowest since November 2003. Price is also below the line that extends off of the June and October lows, which exhibits extremely negative slope. The November 2003 low is at 1.1377 and the 61.8% retracement of the 2000-2008 rally is at 1.1211. The crowded nature of the trade will fuel a countertrend move, which will probably be more violent than most imagine possible. Keep the mentioned levels in mind as ones that could trigger the move.”

-“The line that extends off of the June and October lows has provided resistance this week and 1.13 has provided a floor. A break opens up 1.1680 but there is ‘room’ for a bit more whiplash in the range.”

-Watch 1.1235 for support now.

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

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