EURUSD tests the 38.2% target retracement level and bounces
Written February 1, 2009 at 2:50 PM EST by Greg Michalowski
As per the earlier morning commentary (CLICK HERE), the EURUSD had moved down to the 38.2% retracement level of the move up from the March 4th low to the March 19th high. The level comes in at the 1.3248 level. The low has been 1.3256.
The successful test and rebound, should be enough to solicit profit taking on any later dips. However, take note that a move through this level will likely lead to further selling pressure.
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