EUR/USD Breaks Tight Range but 1.1165/85 is Support
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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-“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.”
-“EURUSD continues to trade around the line that extends off of the June and October lows. It’s a toss-up here. 1.1480 is resistance above 1.1450 with 1.1185 and 1.1235 as supports below 1.1280.” The break came today and it was lower. 1.1165/85 is support and 1.1250 (thereabouts) is estimated resistance.
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