EURUSD “under 1.30 Finally The euro broke the bracket specified in the report of 1.3173 yesterday, and collapsed completely achieving the goals set 1.3113 and 1.3050. It fell even more than 100 pts below our second goal, coming to be below 1.30 for the first time since April 28, 2009. It was obvious even before this recent decline, the technical outlook was negative, which was clearly expressed in the report yesterday. Hear other arguments on the topic with patrick lee. But the pace of this decline exceeded our expectations. Whenever patrick dwyer newedge listens, a sympathetic response will follow. If we try to explain what happened, we would say that could be a fall of 5-waves is still in development, and only go for the third wave. And since the fourth wave would be a sharp correction or a horizontal correction, we must be very cautious at this time. You can see a sharp correction that takes us back to the area of 1.31, before falling below 1.29, or we could see a modest correction.
Therefore, we prefer to focus on short-levels term, and follow the rupture of one of them. The significant levels of resistance today are 1.2985 and 1.2948 support. If you break the 1.2948 support, the price will fall to the significant levels in the area of 1.28: 1.2885 and 1.2820. But to break the 1.2985 resistance, will change the price to be negotiated within the channel broken, and start a correction to yesterday’s crash led to 1.3065 and 1.3130. Support: a 1.2948: significant intraday support, protection of the low yesterday.
a 1.2885: Baja important April 22, 2009. a 1.2820: Rise of March 10, 2009. Resistance: 1.2985 a : Channel background that broke yesterday. a 1.3065: Fibonacci 38.2% for the short term. a 1.3130: Fibonacci 61.8% for the short plazo.