EUR/USD – choppy rally stalls at 61.8% retrace
The Euro did rally to its 61.8% retrace at 1.3237 o/n contrary to our call yesterday that the correction was complete. The choppy trade higher is still indicative of counter-trend trade and with the 150dma & Feb/Mar trend resistance at 1.33, the Euro is rallying within the context of a longer-term downtrend.
The up channel from the Wave 1 low at 1.2995 has so far failed to take out the 1.3237 retrace level but a break of trend below channel support is key. Downside projections measure to between 1.28/1.26.
Levels: Support - 1.3186, 1.3105, 1.3060, 1.2995 Resistance – 1.3237, 1.3281, 1.3305
Any questions/comments welcome
The Euro did rally to its 61.8% retrace at 1.3237 o/n contrary to our call yesterday that the correction was complete. The choppy trade higher is still indicative of counter-trend trade and with the 150dma & Feb/Mar trend resistance at 1.33, the Euro is rallying within the context of a longer-term downtrend.
The up channel from the Wave 1 low at 1.2995 has so far failed to take out the 1.3237 retrace level but a break of trend below channel support is key. Downside projections measure to between 1.28/1.26.
Levels: Support - 1.3186, 1.3105, 1.3060, 1.2995 Resistance – 1.3237, 1.3281, 1.3305
Any questions/comments welcome