The June euro is continuing to plunge overnight following Tuesday’s reversal to the downside. After turning the daily main trend to down on the move through 1.3257, the single currency blew through a key 50 percent price level at 1.3200.
The next possible downside target is the 61.8 percent retracement level at 1.3155. In addition, an uptrending Gann angle is at 1.3149 today, making 1.3155 to 1.3149 a possible support cluster. Short traders should watch for a technical bounce to the upside if this cluster is tested.
The euro weakened considerably against the U.S. dollar on Tuesday after the Federal Reserve minutes showed that the central bank was likely to refrain from any further asset purchases.
This morning the European Central Bank is expected to leave its benchmark lending rate unchanged at 1.0 percent. A little less than an hour after its monetary policy announcement, ECB President Mario Draghi may put a little more dovish spin on further central bank activity during his press conference in light of the weakness being exhibited in the eurozone.
Besides the central bank meeting, traders are keeping an eye on a developing situation in Spain after an auction of Spanish debt saw borrowing costs rise and demand weaken. This added to concern the euro region is struggling to overcome its sovereign debt crisis.
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June Euro Nearing Fibonacci Retracement Level: April 5, 2012
Published 04/05/2012, 06:00 AM
Updated 05/14/2017, 06:45 AM
June Euro Nearing Fibonacci Retracement Level: April 5, 2012
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