EURUSD: Threatens A Recapture Of The 1.2142 Level.
EURUSD: EUR remains on the defensive extending its Monday weakness and eyeing a retarget of its 2010
low at 1.2142 in early trading today. We expect that level to provide support, but if it snaps, the 1.2121 level, its .50. Fib Ret (0.8225-1.6037
rally, monthly chart) will be targeted ahead of the 1.2000 level, its big psycho level. A breather could be seen there turning the pair higher. Its daily RSI is
bearish and pointing lower suggesting further weakness. On the other hand, to reverse its current downside vulnerability, the 1.2671 level, its May 21’10 high must be taken out. This will bring further gains towards its May 12’10 high and then its psycho level at 1.3000. This level if seen should provide a strong resistance and turn the pair back down again in line with its broader downside weakness.
EURUSD: Threatens To Recapture To The 1.2142 Level.
EURUSD: EUR remains on the defensive extending its Monday weakness and eyeing a retarget of its 2010 low at 1.2142 in early trading today. We expect that level to provide support, but if it snaps, the 1.2121 level, its .50. Fib Ret (0.8225-1.6037 rally, monthly chart) will be targeted ahead of the 1.2000 level, its big psycho level. A breather could be seen there turning the pair higher. Its daily RSI is bearish and pointing lower suggesting further weakness. On the other hand, to reverse its current downside vulnerability, the 1.2671 level, its May 21’10 high must be taken out. This will bring further gains towards its May 12’10 high and then its psycho level at 1.3000. This level if seen should provide a strong resistance and turn the pair back down again in line with its broader downside weakness.
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