$EURUSD marches higher. 1.5145 is the next target as long as support continues to hold.
Written November 25, 2009 at 2:12 PM EST by Greg Michalowski
The EURUSD has marched back to the highs for the day as the market focuses on the flow out of the dollar. The IMF announcement of the Gold purchase by Sri Lanka is a reminder of the possibility of further diversificaton out of the dollar as faith in the currency wanes.
The next upside target of 1.5145 is now the focus. This level corresponds to low levels from back in Feb/Mar of 2008 (see chart below). The risk on the downside is the 100 bar Moving average on the 5 minute chart. That level currently comes in at 1.5071 (and rising).
Categories: Forex Trading |
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