EURUSD hits the lowest since 2003

Slobodan Drvenica Windsor Brokers

EURUSD

The Euro extends bearish acceleration for the second day and takes out critical support at 1.0461. Fresh weakness approached targets at 1.0400/1.0395 (psychological support/Aug 1999 low), trading at the lowest levels since Jan 2003. Break here would expose 1.0297 (Fibo 161.8% projection of the downleg from 1.0872 peak) and open way towards parity level. We look for a daily/weekly close below 1.0461 to confirm bearish resumption. Recovery attempts were so far mild and limited under initial barriers at 1.0461/67 (former critical support/hourly lower base) and session high at 1.0521, where extended upticks should be ideally capped.

Res: 1.0461; 1.0521; 1.0567; 1.0600

Sup: 1.0395; 1.0345; 1.0297; 1.0200

Interested in EUR/USD technicals? Check out the key levels

1. R3 1.0812
2. R2 1.0741
3. R1 1.0637
PP 1.0567
1. S1 1.0462
2. S2 1.0392
3. S3 1.0287

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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