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