EURUSD moves higher this morning but finds profit taking selling

Written July 16, 2009 at 8:45 AM EST by  

gregmike-03964

The EURUSD has squeezed higher this morning after initially dipping overnight (low reached 1.4055).  The trendline on the daily chart comes in at 1.4123 today.  Watch this level on the downside.  The next hurdle on the upside comes in at the 1,4200 (the high from July 1st).

gregmike-03965

The high reached 1.4165 but has backed off as tthe better initial claims may not be as rosy as first thought.  The support at 1.4123 will be eyed.  The market remains choppy with an upward bias.

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