Sunday, April 03, 2011

EURRON Downtrend Correction

As noted here and here, EURRON almost touched the targeted 2010 lows (around 4.06) after dropping through the critical 4.19 - 4.20 support area. The short term downtrend ended and a correction is in place with 4.15 and then 4.19 - 4.20 potential targets.

Nevertheless, EURRON is still bearish and a reversal could happen above the 4.19 - 4.20 area (now resistance). We may see a new band of trading between 4.10 and 4.20.

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