Wednesday, October 12, 2011

Euro - Trading At An Important Level



The Euro vs the U.S. Dollar has been rallying sharply over the past few days but has not bumped up against a powerful technical resistance level.  This level is comprised of several factors. The low from last July which was once support should now act as resistance. Today's high coincides with a 50% retracement level of points A to C and a .38% retracement of points B to C. This combination of events is a powerful resistance zone in the land of Fibonacci traders so don't be surprised if we start to see some selling come into the Euro at these levels.

3 comments:

wer1 said...

Good call,Kevin, looks like 1.26 may be closer to us soon!!Look out below,,,thanks

Jeff said...

Hi Kevin,

Welcome back....glad to have your always insightful market commentary.

Kevin said...

Thanks for the comments

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