Support: 1.1190/ 70 ** 1.1110 1.1080 1.1030/25 1.1004 1.0950
Resistance: 1.1210/30 1.1280 1.1320/25 1.1372 1.1435/40*
Euros are really captured within this large base pattern evident on the weekly charts. Now we are in the middle of the range, with all time frames, I am looking at showing to be pointing lower, except the 4hrly chart. This still points lower but at much lower levels than the rest. So we are looking currently for a place to sell the Euro. I would suggest that if we see a bounce to 1.1260/80 area, we go short here.
The market really does look like it is poised to test the base of this continuation pattern that has been building for 2 years. Now the trendline base is down at 1.110/1.1085, so this is what we are aiming for. I believe shorts should be covered on a move lower to here. Attempt small longs as this support is quite a steady one and if we buy at these lower levels our stops can actually be put quite close to the entry-level well close for me. Now we fail to hold over 1.1070/65 and the next level of any consequence is 1.0970.50.
(Click on image to enlarge)
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