Saturday, June 20, 2009

EUR/USD heads lower into minor correction within the Long term uptrend Channel

EUR/USD is currently trading lower into a minor corrective channel within the Long term Uptrend channel.

Short term Resistance level that caps the price action is the 21-Day MA at 1.4009.

Support is located at the 1.3740 level which already held the test this week. It represents the former Resistance that was tested 2 times before a breakout materialized on May 20.

Should we see a clear break and close below the Support cluster 1.3740 - 1.3800 the next target becomes the Long term channel bottom (1.3450) and the 200-day MA (1.3340).

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