EURUSD Cracked The Last Rung of Defense
2012
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.
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