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Forex: EUR/USD respecting long-term Fib levels

May 17, 2011 9:45 AM ETFXE, FXA, USO, SPY
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EURUSD, FXE, currency, forex, hedgefundlive, trading, stocks, bonds, technical levels, fibanocci, profitEUR/USD 15min chart with fib levels.










The EURUSD has begun to show weakness, and been moving lower lately. Aside from the obvious fundamental weaknesses, it is technically broken. In the chart:

Green 23.6 fib line: $1.4212 (dates: low point 6-6-10, high point 5-4-11)

Orange 38.2 fib line: $1.4144  (dates: low point 1-9-11, high point 5-4-11)

The price action has been finding support and resistance on both of these levels. My feeling is that the EURUSD has further to fall, already break support zones multiple times. Key support levels will be 1.4050 and 1.4000, if both are broken strongly look for a larger decline. My level of key support will 1.3400, the reasoning behind this is explained in my previous blog. It has to do with the price of Oil and the AUDUSD.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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