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 Report, a daily technical correspondence. He has been an affiliate member of the Market Technicians Association since 2011 and has passed all three levels of the Chartered Market Technician (CMT) program. Erik can be reached at etatje@rjofutures.com or 312.373.5176. Learn more at www.rjofutures.com.

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