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EURUSD next support 1.4281, then 1.4254. Longer term 1.4172 = 200 day MA

Written December 18, 2009 at 10:48 AM EST by Greg Michalowski 

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The last time the market was at the current level, the 1.4281 level was a level of importance for the pair.  The price was consolidating/non trending.  The area had a number of hourly bars where support held back in August/September when the price was last at these levels.  Below that level is the 1.4254 level where similar interest was found (see chart above of the August/Sep period).

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The EURUSDs break below the 1.4304 triple bottom (over last 2 days) has intensified selling in the pair.  Moreover the bounce off the break rebounded just short of that level.  This increases the importance of the resistance today.  The bias remains lower.  Corrections may occur, but the longer term target at the 1.4172 level where the 200 day moving average is found, is coming more and more into focus.

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One Response to “EURUSD next support 1.4281, then 1.4254. Longer term 1.4172 = 200 day MA”

  1. Shawn on December 18th, 2009 11:01 am

    Friday squaring always has surprises. :S

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