The June euro is continuing to plunge overnight following Tuesday’s reversal to the downside. After turning the daily main trend to down on the move through 1.3257, the single currency blew through a key 50 percent price level at 1.3200.
The next possible downside target is the 61.8 percent retracement level at 1.3155. In addition, an uptrending Gann angle is at 1.3149 today, making 1.3155 to 1.3149 a possible support cluster. Short traders should watch for a technical bounce to the upside if this cluster is tested.
The euro weakened considerably against the U.S. dollar on Tuesday after the Federal Reserve minutes showed that the central bank was likely to refrain from any further asset purchases.
This morning the European Central Bank is expected to leave its benchmark lending rate unchanged at 1.0 percent. A little less than an hour after its monetary policy announcement, ECB President Mario Draghi may put a little more dovish spin on further central bank activity during his press conference in light of the weakness being exhibited in the eurozone.
Besides the central bank meeting, traders are keeping an eye on a developing situation in Spain after an auction of Spanish debt saw borrowing costs rise and demand weaken. This added to concern the euro region is struggling to overcome its sovereign debt crisis.
- English (UK)
- English (India)
- English (Canada)
- English (Australia)
- English (South Africa)
- English (Philippines)
- English (Nigeria)
- Deutsch
- Español (España)
- Español (México)
- Français
- Italiano
- Nederlands
- Português (Portugal)
- Polski
- Português (Brasil)
- Русский
- Türkçe
- العربية
- Ελληνικά
- Svenska
- Suomi
- עברית
- 日本語
- 한국어
- 简体中文
- 繁體中文
- Bahasa Indonesia
- Bahasa Melayu
- ไทย
- Tiếng Việt
- हिंदी
June Euro Nearing Fibonacci Retracement Level: April 5, 2012
Published 04/05/2012, 06:00 AM
Updated 05/14/2017, 06:45 AM
June Euro Nearing Fibonacci Retracement Level: April 5, 2012
Latest comments
Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.