$EURUSD continues move down on light trade. Stocks down in EUROPE hurt
Written November 26, 2009 at 11:23 AM EST by Greg Michalowski
The EURUSD continues its assault to the downside, breaking through the 1.5000 level. So much for a quiet holiday trading day. The FTSE is down 161 points or 3.02% today. The German Dax is down -185 points or 3.17% today. As a result, a flight into the dollar is materializing.
The next target against the 200 hour MA comes in at the 1.4953 level. The 100 hour MA at the 1.4986 should provide some resistance now as will the 1.5000 level. The market is oversold so I do expect a snap back with stops below the 1.4953 level.
Categories: Forex Trading | Tags: EUR/USD
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