EURUSD breaks below the 1.4400 level. Will we start to trend?
Written January 5, 2010 at 9:42 AM EST by Greg Michalowski
The EURUSD has moved below the 1.4400 floor. Look for the sellers against the level with stops on a move back above close from yesterday at 1.4413. The 1.4370 is the next downside target for the pair. The 100 hour MA is also near that level currently.
The EURUSD is in a non trending mode as moving averages (100 and 200 bar moving averages in both the 5 minute and hourly charts above) are going more or less sideways and also are starting to converge. This normally leads to a trend like move. We are on alert for such a move today. Watch the key levels and look for momentum on breaks of key levels.
Categories: Forex Trading | Tags: EUR/USD
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