Euro met the intraday resistance at 1.3390 and has been confined in a narrow range from the NY afternoon to the late Asian session. The 14-day moving average shows a visible and less sustainable peak at 1.3385.
The 9-month low is 1.3332 and while the euro rallied from this level to 1.3390, the Fibonacci reverse arc shows the potential retracement targets of: 1.3360 (38.2%), 1.3350 (50%) and 1.3340 (61.8%).
Resistance Levels: Support Levels:
1.3475 High July 25 1.3332 Low Aug 6
1.3445 High Aug 1 1.3318 Low Nov 8 , 2013
1.3433 High Aug 4 1.3317 Weekly cloud base
1.3425 High Aug 5 1.3295 Low Nov 7, 2013
Charts: WorldWideMarkets Alpha Trader
5-minute Chart Study
Once again we see the tight consolidation movement on the intraday chart between 1.3390 and 1.3370 which appears to be less sustainable as shown on the lower RSI Chart. The relative strength index shows declining peaks from 77 at 16:30GMT yesterday to 60 at 6:00am GMT today. The RSI is classified as a momentum oscillator, measuring the velocity of direction, typically using a 14 day timeframe based on the ratio of recent price movements.