Euro: Under Pressure

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By Trading Central on May 5, 2009 | More Posts By Trading Central | Author's Website

Update on supports and resistances.

Resistance3:	80
Resistance2:	78.5
Resistance1:	77
Last:	74.64
Pivot:	77
Support1:	74
Support2:	72.8
Support3:	71

Pivot: 77

Our preference: Short positions below 77 with targets @ 74 & 72.8 in extension.

Alternative scenario: Above 77 look for further upside with 78.5 & 80 as targets.

Comment: the pair has broken below its flag lower boundary and should face a further weakness as the RSI is bearish.

80
78.5
77
74.64 (last)
74
72.8
71

*USD/EUR Index: the ISE Exchange measures the strength and weakness of the US DOLLAR versus the EURO. For details go to www.ise.com

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