EURUSD looks to test 100 hour moving average. Fibonacci Retracement also a focus

Written June 9, 2009 at 9:34 AM EST by  

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gregmike-03601

The EURUSD has some resistance at the current area where the 38.2% retracement of the recent move lower is looming .  The level comes in at the 1.4008 level.  The market squeezed above this level but is currently back at the level suggesting some reluctance – at least temporarily. 

Above is key resistance at the 100 hour moving average at the 1.4058.  The 50% of the move lower over the last week is also above. That price comes in at the 1.4072 level.   The market is currently at a crossroad. A correction lower should not breach support at the 1.3950-64 (blue line and 38.2% retracement of the days range defines that aree).  I would expect buyers to enter against this level today. 

gregmike-03602

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