Definitely a tough day for the EUR.  The pair fell over 200 pips at one point, but closed just inside that.  The move was far beyond average, but as mentioned in previous posts, the 1.4500 level was very important and when the market broke through it, it fell aggressively and swiftly.

This has put support at 1.4300.  A break below indicates a move to 1.4250 and 1.4225.  1.4200 is also support but  extends down to 1.4175.

Resistance comes in at 1.4375, followed by 1.4425.  Movement above that level could trigger some buying.  1.4500, which is the old support, will act resistance.

This is still a technically weak pair.  No swing highs have been taken out since Dec 3.  Looking at longer term charts the indicators are showing oversold reading, but until this pairs shows resilience in actual rate movement, probabilities still lie on the downside.

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Cory Mitchell, CMT
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