$EURUSD boosted overnight and holding support. So watch support for trading clues.
Written December 31, 2009 at 7:39 AM EST by Greg Michalowski
The EURUSD has been testing the 100 bar moving average since yesterday afternoon and in early NY trade, the pattern has continued. The 100 bar moving average comes in at the 1.4400 level currently. The price tested the MA on no fewer than six occasions.
The trade for the day is if the price stays above the MA, bullish. If it falls below bearish, and look for momentum on the break with a test of the 200 bar moving average the next target (currently at the 1.4374 level) . Use a 10 or so pip stop as the market should move lower, but if it does not, protect yourself with a stop.
Categories: Forex Trading |
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