Charting A Key Inflection Level For The Euro EURUSD

technical chart lookCorey Rosenbloom: One consequence of the recent strength in the US Dollar Index is the Euro’s steep retracement, which similarly declined sharply from its upper target level.

Let’s focus our attention on the key inflection level and potential bounce off a critical support level for the Euro (EURUSD FOREX pair):

EURUSD Euro US Dollar FOREX Daily Chart Technical Analysis Key Support Area Charting Trading Trade Decision

We’ll start with the Daily Chart and a simple focus on the blue highlighted region near 1.34500 for the EURUSD pair.  It’s a “polarity” level which means the price level has served both as prior support and resistance and is thus an important potential turning point or inflection level at the moment.

This morning, we see a strong bounce that may indeed be developing off this level.

I highlighted the upper “bullish zone” green with the assumption that the support level will hold and the Euro will continue to trade up off this level accordingly.

Pages: 1 2

Leave a Reply

Your email address will not be published. Required fields are marked *