Euro: Under Pressure

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By Trading Central on May 8, 2009 | More Posts By Trading Central | Author's Website

Update on supports and resistances.

Resistance3:	78.5
Resistance2:	77
Resistance1:	76
Last:	74.06
Pivot:	76
Support1:	72.8
Support2:	71
Support3:	69.7

Pivot: 76

Our preference: Short positions below 76 with targets @ 72.8 & 71 in extension.

Alternative scenario: Above 76 look for further upside with 77 & 78.5 as targets.

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

78.5
77
76
74.06 (last)
72.8
71
69.7

*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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