EUR/USD Bears Re-assert Their Authority
25 November 2011
WEEKLY CHART:
The recent bounce found resistance from the rising return line. The market is now dropping back towards the 1.3045 61.8% pullback. Breaking this would switch focus to the lower 1.2600 76.4% level.
DAILY CHART:
The drop back has not, in the end, found much support from the s/term 76.4% level, and focus is next on the 1.3144 04-Oct low.
A break of this would first target the 1.3045 61.8% level on the Weekly chart, ahead of the channel base projection which currently coincides with the Jan-11 low.
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Long Term 38.2% Support Stalls Earlier Coffee Bears