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Next Levels to Watch for the EUR/USD
Wed, Oct 8 2008, 21:08 GMT
by Andrei Pehar
The Euro has fallen sharply against the US Dollar in recent weeks, finally finding a bottom a few days ago at 1.3332, which corresponds with a 61.8% Fibonacci retracement from the all-time high of 1.6037
Where do we go next from here?
Currently, price is in the process of moving up to test the next Fib level at 1.3848, meanwhile the daily 21 exponential moving average is gradually working its way down from 1.4081 - what price does when it reaches that level will give some clues as to further direction.
A break above, followed by a re-test of support, means we will most likely go on to test 1.4365 next (perhaps eventually 1.5004). If, on the other hand, 1.3848 holds as resistance, then we could see price drop to re-test 1.3332 as support once again, perhaps eventually as low as 1.2597 if that fails to hold.
Published on Wed, Oct 8 2008, 21:16 GMT
Archive
- 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 - Yen Ranges Against US Dollar
Published On Fri, Sep 19 2008, 01:19 GMT - Projected Bottom for the GBP/JPY
Published On Wed, Sep 10 2008, 13:48 GMT
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