Technical analysis
Gerardo Porras
EUR/USD
The Euro - Dollar pair, from the minimum of 6 June 2010 (1.1884) to its peak on May 5, 2011(1.4920), we draw Fibonacci lines from minimum to maximum; The level of 61.8 % is the zone of 1.3045, now the pair is below this level. We do not expect, however, that the pair continue down very fast, and for much longer, without a correction. The Euro has a very solid support in 1,2930, price that as far back as February, 2004 was a historical maximum, and that with the time transformed in a relating price of the same one. Until then the euro could go in the coming hours.
On the other hand, a weekly close above the Fibonacci retracement level of 61.8% will give us a perspective that the upward movement will continue until the resistance 1.3800(R_1) monthly.
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