The execution of minor stops above 1.3820  pushed the euro to 1.3829 but were not enough to keep the united currency above the 50% retracement level (1.3820) of the 1.3967 - 1.3673 (3/13-4/4) decline. The next target is 1.3855, the 61.8% level of the above decline. The dip after the stop run brought it back to 1.3806 and it has since gone to ground awaiting the release of the FOMC minutes from the March 19th meeting.

Technical levels

1.3967       Good resistance- High 2014 (3/13) and 2 1/2 half year (10/31/11)

1.3934-48 Moderate resistance - highs March 17, 18, 19

1.3855       Good resistance 61.8% level of 1.3967-1.3673 fall

1.3829       Today's High

1.3809       21-day moving average

1.3805       Current market   1:15 EDT New York

1.3785       Moderate support 38.2% of 1.3967-1.3673 fall

1.3780       Today's low

1.3742       Moderate support 50 day moving average

1.3698       Trend line support beginning 7/9/2013, 100 day moving average

Joseph Trevisani

Chief Market Strategist

WorldWideMarkets Online Trading

Charts: Bloomberg