Forex Trading EURUSD backs off

Written January 30, 2008 at 9:49 AM EST by  

As per the previous email posted at 7:34 ET, the EURUSD did in fact back off from highs reached earlier.  The pair is now testing the 21 bar moving average on the hourly chart 1.4778.   Having said that, the non-trending nature of the market as we wait for the Fed, will most likely have the pair move above and below the technical level.  However, we should find intraday buyers on dips and sellers on spikes.  (more…including chart)

The 100 bar moving average comes in at 1.4742 and I would expect buyers against this level today.  On the upside the highs around 1.4818 area should attact the intraday sellers.  In between it will be a random walk with buy/sell flow, and perhaps the stock market, leading the wiggles and waggles.

 

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