EUR/USD Update
In my prior posting on Friday, June 5, 1.3750 – 1.3800 was posted as the most probable downside target for EUR/USD. This target was achieved with a great precision on June 8, 2009. The chart below shows that EUR/USD bounced back up from 1.3805. The same chart also shows what has happened since that dip. EUR/USD is now back up above 1.4000.
In the chart below, we can see that 1.4100 acted as strong support initially. Once busted, the move to 1.4000 came very quickly. Now on the way up 1.4100 is acting as a resistance. The first attempt to bust to the upside was rejected on Wednesday morning. In the Globex session, EUR/USD has started to move up again and should challenge 1.4100 overnight or Thursday morning. If busted, the initial target will be 1.4300, which should take SPX to 960-970 region.
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