Dollar corrects lower. EURUSD bounces off 38.2% Fibo Retracement
Written June 30, 2009 at 1:03 PM EST by Greg Michalowski
It is month end and as a result, there exists the potential for corrections in all markets from the stock market, to commodities, to bonds, to currencies. This mornings move sent a number of currency pairs to tests of key support/resistance levels. The convergence of technical levels led to a correction for the dollar as the NY midday moves into the afternoon.
The EURUSD has moved up from the 38.2% retracement support level at the 1.3998 level (move up from June 16th low). The correction is approaching resistance from the intraday move resistance at the 1.4058. The level also corresponds with the low from the first move lower today. Look for sellers against the level.
Categories: Forex Trading | Tags: EUR/USD
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