EURUSD—dropping

Friday's little spike up to 1.3335 may have been it for the Euro, completing the wave C correction that has had everyone so fascinated. The low so far has been 1.3110 where it looks as though it's trying to base. This is near the 1.3125 price which is the .382 retracement from the drop from November. Any bounce, though, may be held back by the 7/13 uptrend line which is at 1.3186.

Support is at 1.3108/00, 1.3050, 1.3000, 1.2981/50, 1.2877 and 1.2845/14 (June uptrend line and 100 daily SMA). Resistance is 1.3125, 1.3186, 1.3236, 1.3335, 1.3433 and 1.3525 (50% retracement of wave one down from November highs).

Here's the three-hour chart:












© Dianne Fecteau, 2010. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.

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