$EURUSD tests intraday resistance. Buoyed by better Chicago PMI
Written November 30, 2009 at 10:13 AM EST by Greg Michalowski
The Chicago PMI index stopped the EURUSD slow descent this morning and the price has rebounded back to intraday resistance at the 1.5036 area where both the 100 and 200 bar MA on the 5 minute chart is found.
The price decline which saw the price test the 1.5000 level also moved below the 100 hour MA but the momentum could not be sustained and the price closed the hour bar above the key moving average (see chart below). This is a positive development and should lead to buyers on dips against the level and perhaps a momentum move above the resistance at the 1.5036 level. The current 100 hour MA comes in at 1.5012.
Watch the level. A break above should lead toward another test of the highs for the day. Decision time for the EURUSD.
Categories: Forex Trading | Tags: EUR/USD
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