Euro Drops to Massive Support Zone

As I am writing this blog post the Euro is sitting on a very key pivot price area. As I have outlined in the market screen shot bellow, the 1.3400 has proven to be a very contested zone. In December of 2010 and through to February of 2011 the 1.34 price area was used a both support and resistance several times. The Euro finally managed to wiggle its way out of that area with a lot of effort. Today for the first time since mid February we are testing the 1.34 and if history is any indicator we might see this zone produce a much needed support for the Euro currency. It is wise to wait for the close of today's trading session before making an educated guess as to what may be in store for this currency pair. Me personally, I am waiting for a rejection bar to form to confirm any buying interest or taking any positions in the market. Remember, patience is a virtue and is rewarded very well in this business. Enjoy!