Foreign Exchange Today
April 21, 2005
Rally not over for the EURO
The market took a benign CPI as another opportunity to drive the single
currency lower, testing 1.2995 (rumored 1.30 DNT). Then as soon as this was
triggered the Euro began to rally on short covering, soverign demand (6 bio euro
Spanish debt auction) and a rumored 1.31 one touch
option.
|
|
Level |
|
R4 |
1.3210 |
61.8%
retrace of 1.3480-1.2770 |
|
R3 |
1.3150 |
10-Dec low /
25-Feb low |
|
R2 |
1.3125 |
50% retrace
of 1.3480-1.2770 |
|
R1 |
1.3105 |
3-day rising
res line area |
|
|
|
S1 |
1.3035 |
Hourly
low |
|
S2 |
1.2985 |
19-Apr
low |
|
S3 |
1.2965 |
18-Apr
hourly dip low / 38.2% of 1.2770-1.3080 |
|
S4 |
1.2940 |
15-Apr
high |
|
|
|
|
Key
Fibonacci Levels in the EURO are as follows.
38.2% -
1.3045
50.0% -
1.3125
61.8% -
1.3195
Tommorrow’s Events
Craig H Russell
Senior Foreign Exchange Dealer
www.alaronfx.com
312.563.8292 Desk
630.649.8645 Mobile
800.252.3421
Freephone
