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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
- An Interesting Chart- The USD/CAD Weekly
Published On Fri, Oct 30 2009, 22:25 GMT - Next Levels to Watch on the EUR/USD
Published On Thu, Sep 24 2009, 01:22 GMT - Key Level to Watch for the Yen
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
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
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