Euros dipped below the medium term 50% fib level and trendline support but we closed above both of these areas and today we may well see a correction. Back above 1.3145 will confirm, and from here we can bounce higher to 1.3181/1.3200.
Now although we can bounce to these higher levels we must remember that the daily charts are still pointing lower and that any move higher is correctionary only and should be sold. 1.3230 to 1.3260 will protect our stops and I still feel that even if we do break above here there is a case for re-selling this market.
Now if we open below 1.3120 Sunday night the market will continue to be under pressure with the 200 day M/A intersecting with the 55 day M/A located at 1.3079/78 will be the initial target. Now a 200 day M/A is quite significant and if we break and hold below here there will be quite a lot of selling pressure and 1.3034/32 will be the initial target. Below here sees 1.2943/39.
EUR/USD" title="EUR/USD" width="980" height="617">
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EUR/USD: May See A Correction In The Euro
Published 06/24/2013, 06:23 AM
Updated 07/09/2023, 06:32 AM
EUR/USD: May See A Correction In The Euro
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