The aggressive fall in the euro against the dollar today (once again) was eerily similar to Lindsay Lohan’s career…you could see both coming.   But alas, we are only interested if the EUR will see a revival after a few days of selling.

The pair never rallied to 1.4900; a level which if reached may have given some hope to EUR fans, but alas, no no.  The pair hit a low of 1.4667 as US dollar rallied again today.  That is current support, with a move below 1.4660 targeting 1.4625 followed by 1.4600-1.4680.  1.4660 and 1.4630 provide support beyond if the pair continues to fall.

Minor resistance is at 1.4715 on the upside, with a move above 1.4720 targeting 1.4740, although technical resistance does not really come in until 1.4770-80.  Further resistance comes in at 1.4810, 1.4840 and the recent swing high at 1.4860.

While there may be pullbacks, at the moment this forex pair is technical weak.  1.4900 was the level which may have ended the decline, but now it sits 200 pips away and until those swing highs are taken out, this market is in, at minimum, a short-term correction.

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Cory Mitchell, CMT
Chief Market Strategist
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