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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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...If the dots don't connect, gather more dots until they do...




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Thursday, February 07, 2013

Euro Weakness

At the time of writing this post in afternoon trading today (Thursday), the EUR/USD Forex pair is down around 112 pips and up a bit from its low of the day, which is fractionally below the upper 1/3 Fibonacci retracement level at 1.3372, as shown on this Weekly chart below.

The next level of support is further down around 1.3255ish at the former large "diamond" apex. A close below today's low of 1.3369 may send it down to that level, or lower, depending on the markets' risk appetite (or aversion to it) at the moment, on the heels of ECB Chairman Draghi's pre-market press conference today.