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Next Levels to Watch for the EUR/USD

Posted 17:29 08 October 2008 | 1

The Euro has fallen sharply against the US Dollar in recent weeks, finally finding a bottom a few days ago at 1.3332, which corresponds with a 61.8% Fibonacci retracement from the all-time high of 1.6037

Where do we go next from here?

Currently, price is in the process of moving up to test the next Fib level at 1.3848, meanwhile the daily 21 exponential moving average is gradually working its way down from 1.4081 - what price does when it reaches that level will give some clues as to further direction.

A break above, followed by a re-test of support, means we will most likely go on to test 1.4365 next (perhaps eventually 1.5004). If, on the other hand, 1.3848 holds as resistance, then we could see price drop to re-test 1.3332 as support once again, perhaps eventually as low as 1.2597 if that fails to hold.

You may leave feedback in the comments below, or discuss this in our EUR/USD forum!

Comments (1)

Looks like it's headed further even further south!
jawnlooi | Posted 12:47 25 October 2008

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