EUR/USD has continued its freefall of the past several days, breaking support level after support level in its potential quest to re-test long-term lows. Having broken down well below the noted 1.3300 region yesterday, the pair has gone on to break a key downtrend line, as shown on the accompanying EUR/USD daily chart. Where does price go from here? The bearishness in this pair, more likely than not, is far from over. Although we should soon be seeing a consolidation or correction after the impressive bearish run, EUR/USD currently looks to be targeting major support in the 1.2330 region, the level of the last long-term low. A strong break and close below the significant 1.3050 support/resistance level would lend additional strength to this bearish outlook.
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2 Responses to “EUR/USD - Continued Freefall”
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Hello James,
I am a little confused with the chart you have shown.
Pl. advise when did the euro go down to 1.3108 range between Dec’08 & Jan’09.
Thanks
Hi Amit,
Thanks for your question! Just yesterday (1/14/09), EUR/USD went down to 1.3092 bid. At the moment when I took the screenshot, it was at 1.3108. Hope that answers your question. Thanks, Amit!
James Chen