The pair has broken below its key support at the 1.3491 level, its Sept. 12, 2011 low on the back of its Wednesday weakness. With that said EUR has resumed its medium term weakness started from the 1.4938 level and now looks to target its Feb. 2011 low at 1.3245. However, its immediate challenge is to decisively breach the 1.3427 level and hold below it to trigger further weakness. Other supports are located at the 1.3088 level, its Jan. 13, 2011 low and the 1.3000 level, its major psycho level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, on any recovery, EUR will aim at the 1.3491 level just eroded. A reversal of roles as resistance is expected there. Further out, resistance comes in at 1.3799 level, its Sept. 21, 2011 high ahead of the 1.3936 level, its Sept. 9, 2011 high. All in all, EUR has resumed its medium-term downtrend and looks to weaken further.
Get alerts before Link and Cramer make every trade
>To order reprints of this article, click here: Reprints
No comments :
Post a Comment