US Dollar Slips Lower; Euro Resistance Line at 1.5000 TodayUS Dollar Slips Lower; Euro Resistance Line at 1.5000 TodayUS Dollar Grinds Lower with EUR/USD Resistance at 1.5
Pressure remains on the US dollar but the New Zealand Dollar is actually the weakest of the major currencies right today. A EURu.s. dollar resistance line is at…
forex news sourceThe US dollar is hurting however, the NZD is doing the worst among the major currencies today. The EURUSD is setting up a line of resist at 1.5000.
as reported by Jamie Saettele
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Tthe EURUSD has traded to a new high for 2009 and focus is now on the top of the channel from early July (5th wave channel, more on that below), which is at 1.5002 (on 10/14).
For a topping pattern to be in play the eur/usd would have to dip below 1.4670. The eur/usd has been channeling since July and suggests the current count is correct. So, a push over 1.4847 is likely wave of 5 of v of C. Again, the channel top is 1.5002 today and increases about 11 pips per day.
Jamie wrote yesterday that “an objective remains 1.5300 (just above the 161.8% extension) but a corrective rally may delay a decline to that level. In any case, a bearish bias is warranted against the line extended from the September and October 8th highs.”
This far, the line has held. Weakness in a larger 3rd wave remains possible with price below 1.6125. Your tactic can be to maintain a smallish position in the event that this happens. Potential shorter period supports are in place at price points: 1.5880, 1.5840, and 1.5825.Pressure remains on the US dollar but the New Zealand Dollar is actually the weakest of the major currencies right today. A EURu.s. dollar resistance line is at…
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