Friday, February 03, 2012 11:36 PM EST

EURUSD back up testing the intraday resistance at 1.4832

Written October 13, 2009 at 3:20 PM EST by Greg Michalowski

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The support down at the 1.4805 level found buyers (1.4803 low). The price has now moved back up to the topside resistance against the 100 barMA on the 5 minute chart. That level comes in at 1.4832.

The market seems content to chop around with a upward bias still. The intraday movements are admittedly random at times and seems like in the hands of shorter term intraday traders. the 1.4844 level remains key above (2009 high before today) . The 1.4866 level remains key (the Sep 2008 high price). These were key levels today and will be key levels going forward.

On the downside, a break of the 200 bar MA should next target the 1.4773 level which is the closing level from yesterday.

Categories: Forex Trading | Tags: EUR/USD

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