Thomson’s Coleman points to a key resistance area at $1.1865 in the Euro/U.S. dollar (EUR/USD) rate. As long as that resistance ceiling remains in place, he expects additional downside pressure on the Euro in the days and weeks ahead.
On the downside, he highlights $1.1590 as potential support. That level represents a roughly 38.2 percent retracement of the lifetime range of the Euro from .8230-$1.3665, he says. Declines under $1.1590 would open the door to the $1.1450 region.
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