EUR/USD Slippin’ and Slidin’ – Feb 19 Outlook

Before Japan even officially opens we have significant selling in the EUR which I suppose nicely caps off another volatile day for currencies.  No significant resistance levels were breached on the EUR rise early Thursday, so breaking back below key support was a major warning signal.

Resistance on the upside comes in at former support, 1.3540, followed by 1.3560 and 1.3600.  Beyond this there is a swing highs at 1.3620 and 1.3650 which will also be resistance.  A rise above these latter points indicates continued short-term strength, but is unlikely.

Primary target for the break below support (which has already occurred) is 1.3400 with some support expected along the way at 1.3440-1.3430.  Beyond this targets are 1.3375, after which the targets become more spread out at 1.3300 and 1.3260.

Currently the pair trades at 1.3480.

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