EURUSD Cracked The Last Rung of Defense

EURUSD

 

The EURUSD broke to new year  to date lows Tuesday in New York trading.  The decline was sparked by German court delays regarding the ESM/ fiscal pact.  The German courts finial decision could be weeks to months away.  Once again slowing down the progress, or at least the image of progress, regarding a solution to the debt troubles in the EU zone.  The EURUSD managed to break below and hold under the crucial 1.2285 support zone.  this level will now become resistance.  To find support below 1.2185 a larger view was required.  A week chart reveled that support begins at May and June weekly lows from last year at 1.2150 (Weekly Chart is Above).   If the cross breaks below this price level the lows from last June and the year will come into play at 1.1880.

Sup     1.2150               1.1880

Res     1.2285

Plan:   A break and hold below 1.2285 could indicate a move lower.

Three short trades are in progress at the moment.  to gain access to trades and Keane insights check   http://keanepointofview.com/member/

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