EUR/USD – Finally Leveling Off???
| May 13, 2010 | Posted by admin under Day Trading Ideas, Stock Market Analysis, Swing Trading Ideas |
The Euro continues to be under pressure with the trend on most time frames to the downside, yet, Wednesday did see a bit of stabilization. While the daily range was still larger than what we were seeing a month ago, it was less than what we have seen in the last couple weeks.
Sitting in an area that has multiple support levels indicates the pair may be leveling off. Holding above 1.2600 (to 1.2585) would show the pair has a floor under it. Further support comes in down at 1.2520.
Failing to hold above these levels indicates continued downward pressure. Minor resistance has been established in early trading at 1.2650 with a rise beyond expected to test 1.2700. A continued push through 1.2750 is likely to target 1.2740-1.2750 and beyond that, if needed, 1.2800.
Cory Mitchell, CMT
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