EUR/USD hitting a hard floor after US GDP release
The EUR/USD which has been in consolidation since Dec 18 2009, hit a hard floor this morning near the 1.4280 area (38.2% Fibo level) with a low of 1.4261, seen last Friday. This may act as a turning point for the pair after weaker than expected Q3 US GDP temporarily put the brakes on a move to the down side. Above the current price, the 100MA (blue line) is currently at 1.4369 and becomes the key short term, upside target.
Looking at the Daily chart the EUR/USD has been trading between the 100MA and 200MA goal posts for some time. The 1.4280 area is the long term 38.2% Fibo level from April 20, 2009 to the high at 1.5141. Below this the 200MA comes into focus at 1.4192. On the top side, we look to the 100 hour moving average for the next level of resistance at 1.4369 (1 hour chart). Above this and a long way off is the 100 day MA at 1.4651 (daily chart)
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Shawn,
The existing home sales report has been fantastic and $ appreciated to 1.4217.
Do you still foresee the price to retrace to 1.4360? Thanks
Good question Mani, One we can talk about on the 4pm webinar. Thanks Shawn P.
Sellers here have some guts!
Hi Greg,
I have a question on GBP/USD. Currently the price is at 1.6213, which is above the 200 bar MA in both 5 min and 1 hr time frame.
The pair has risen with out retracement. As per 200 Hr MA, in 1 hr chart, the price is 1.6010. How do you analyse the situation? I have a short position.
Happy new year to you and the entire FXDD Team.