Euro finds support but weakness continues

The euro continues to look weak despite recently finding support around 13340 and trading more of less sideways for the past week or so. Local noteworthy resistance pivots in the euro are present around 13446, 13479 and 13516 respectively.

As is the case in the crude oil market, momentum in the euro will remain negative until price action is able to sustain relatively higher highs on the chart. The best technical area of support that the euro has at this point is 13340 and this level is likely to ignite additional buying pressure if tested again. Likewise, if this level is breached to the downside, traders should be on their toes as a fresh wave of selling pressure could be quick to follow.
 


Sep. ‘14 Euro Currency 30-minute Bar Chart (e-Signal)

About the Author
Erik Tatje

Erik Tatje is currently a market strategist at RJO Futures and is the author of The Tatje Reporta daily technical correspondence. As a member of the Market Technicians Association, he has distinguished himself as a professional in the field of Technical Analysis and currently holds the Chartered Market Technician (CMT) designation. Erik can be reached atetatje@rjofutures.com or 312.373.5176. Learn more at www.rjofutures.com

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