After three days of falling we can watch the single European currency slow down.
Prices stopped at 61.8% of Fibonacci mid-term correction which supported it. It is worth mentioning that according to technical indicators, we are extremely close to the overboughtness line. This is indicated by the Stochastic Oscillator.
Under the current conditions the power levels I specified yesterday remain. At present prospects of further movement appear to be rather vague. The price may well also slow down at 1.3690. It will bring about explicit overboughtness and may cause a spike.
Power levels:
Resistance 2 — 1.3900 (50.0% mid-term correction)
Resistance 1 — 1.3770 (38.2% long-term correction)
Current SAR – 1.3690 (61.8% mid-term correction)
Support 1 — 1.3400 (50.0% long-term correction)
Support 2 — 1.3142 (local low).
