Euro drops below 1.4900
The euro is heading lower in forex trading on the currency market today. After seeing a rally yesterday, the euro is pulling back as the U.S. dollar takes the upper hand.
Part of the reason is likely due to some profit taking. Another issue is the fact that equity markets are falling right now, and the euro generally derives support from strong stocks. And, of course, the pace of economic recovery remains in doubt.
FX Street offers a look at the technical side of the euro in forex trading:
Ian Coleman, Analyst at Turtle Futures, comments: “We have hit some resistance at 1.4920 (was resistance now support). I am expecting a break here then looking to take off half the trade at 1.4893 (which is the daily trend line). If we break there it should be impulsively and take us down to 1.4696, my third wave target, pretty quickly.”
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