Currencies: Technical Strategies
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Dollar Rallies − Likely Support Levels for EUR/USD
Thu, May 1 2008, 20:07 GMT
by Andrei Pehar
The US Dollar had another strong rally today, despite another round of less than positive economic data. The rising Dollar is pushing the EUR/USD pair down, as less Dollars are needed in exchange for each Euro.
The prior drop took us precisely down to the 23.6% Fibonacci retracement, which then proceeded to act as resistance for an entire week. Today's drop ended at 38.2%, and currently price is taking a breather and slowly retracing back up from there.
1.5415 now remains a key support level to watch. If price begins to move up, then look to 1.5646 to act as resistance once more. If price breaks below 1.5415, then look for it to find support at 1.5229, 1.5043, or 1.4778.
Published on Fri, May 2 2008, 01:22 GMT
Archive
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Published On Mon, Mar 16 2009, 20:04 GMT - How Much Further Can the Pound Fall?
Published On Tue, Jan 13 2009, 13:33 GMT - Has the Aussie Found Bottom?
Published On Wed, Oct 22 2008, 20:29 GMT - Next Levels to Watch for the EUR/USD
Published On Wed, Oct 8 2008, 21:08 GMT - How to Catch the Next EUR/USD Move
Published On Thu, Sep 25 2008, 12:16 GMT
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