targets

EUR/USD Technical View

Euro formed a big red candle on the weekly charts, as seen below, but the most part of the move was made on Thursday and Friday when the pair dropped almost 300 points, we witnessed a small consolidation period for the first 3 days of the week around the 1.4700 area. On Friday EurUsd broke through the closest support levels and pushed lower towards the 1.4400 area getting close to the 38.02 Fibonacci retracement line of the October-November move north that established the current YTD high at 1.4967. Breaking below the trendline connecting the October lows was a a clear bearish signal although a retest of the 1.4500 area is not out of the question in the next couple of days as this particular area has proved to be strong support turned now into resistance. Looking at the big picture we can see the 1.4300 area as the main bearish target and a place where the pair could find significant support as the bullish traders will try to establish a new base there.
Resistance Levels

• 1.5000– round number
• 1.4966- Nov 23rd high
• 1.4735 –Nov 9th High

Support Levels

• 1.4500- round number
• 1.4300 – Sept 30th High
• 1.4000 – Round number
• 1.3850 – July 24th High

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