Stoic-Trader

EURUSD - Will parity offer some support?

FX:EURUSD   Euro / U.S. Dollar
The Euro is about to reach parity with the Dollar for the first time since 2002.

Due to the strong psychological effect of this price level, we can expect some sort of short term support, which won´t necessarily mean the drop is over. In my primary count, we´d be finishing black wave 3, so another leg down would be expected after a pullback.

If we do get this reaction at parity, the first resistances are the falling trendline from April 22 (in green), and key 1.04-1.05 region.

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