EURUSD—Weekly

The weekly chart shows the Euro correcting. There is resistance coming in at two points which should cap the up move. The first is the downtrend line coming in at 1.2741. Close to this is the weekly 13 EMA which has been supporting or capping since early May. This is currently at 1.2701. However, I don't expect it will get there all at once—there will probably be another correction, possibly to 1.2167—before Euro sees 1.27. The high so far today (as of 10:03 AM EST) is 1.2467. There's still an abundance of negative sentiment around the Euro and even this morning's strong US equity market open hasn't lifted it.

Support is at 1.2349, 1.2203 (20 Daily SMA), 1.2167/50, 1.2117 and 1.2045/25. Resistance (short-term) is at 1.2467, 1.2525, 1.2673, 1.2701 and 1.2741.

Here's the weekly chart:










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