The EURUSD has been able to stay below the resistance against the 1.2438 area on the correction this morning (SEE: “Forex Technical Trading: EURUSD tumbles on Draghi and breaks of technical levels” ), and is down testing the next key support at the 1.2394 level.
EURUSD moves to the 1.2394 support area.
The bears remain in control. It is Friday, but I will refrain from saying “there can be weekend position squaring” today (although I just said it…; ) ).
The shorts are likely to be feeling ok with the move today from a technical and fundamental perspective, and it is hard to see any “news” over the weekend that might derail that thought for the EUR for the USD. So let the trend down continue. The 1.2438 area remains topside resistance.
Looking longer term, the 1.2329 is the low price from 2008. The 1.2131 is the 50% of the move up from the EURUSD post 1999 low to the 2008 high. The 2013 low was at 1.2041. The 2010 low is 1.18767 and the common currency was initially pegged at 1.1743 back in January 1999.
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