In my previous post about Euro I was looking at a potential directional turn, however the Euro has kept diving since then.
The Euro’s close last Thursday as well as Friday’s open and close was at about 1.3825, which is the 50% retracement from the All Time High (ATH) and the significant low in Nov 05. This would normally be a strong support level to look at, however the Euro’s down forces are evidently very strong! Yesterday it gapped down significantly on the open, being very weak.
How far down will it go? In August and September it was formed a double top; a target that we might look at is a 200% repeat of the price range between the tops.
Euro double top