EURUSD having trouble extending the downside
Written November 11, 2009 at 10:09 AM EST by Greg Michalowski
The EURUSD has had all the opportunity to break to the downside. The 1.5020 highs from yesterday and Monday was breached to the downside. The 100 bar MA on the 5 minute chart was breached. The price even dipped below the 1.5013 high from earlier in the trading day. However, no sustained downside momentum could be established.
Understanding that it is a semi holiday, nevertheless, the support (and lack of follow through selling) may lead to some upside momentum. The stop on the downside would be a new low for the day. The upside will have resistance at 1.5047 (high for the day) and 1.5062 (high for the year).
Categories: Forex Trading | Tags: EUR/USD
time to... (Feb 4, 2010)
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