Euro / US Dollar Testing Key Support, Break Offers Sell Entry

Writing in our weekly technical outlook report, we noted that the Euro was likely to see near-term gains against the US Dollar to re-test support-turned-resistance at the bottom of the range from late December in the 1.3823-1.3910 area.

Indeed, the pair saw near-term upside but ran out of stem on a test of 1.38 and dropped back to a key multiple support/resistance level above 1.34. A daily close below this level clears the way for a selling opportunity targeting 1.3075, the range top that contained the pairs from 10/22/08 - 11/10/08.

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