EURUSD moves back lower after failing on top side

Written January 5, 2010 at 11:34 AM EST by  

gregmike-06100

The EURUSD has moved lower after testing the topside resistance area.  The market range is narrow, the moves are up and down and the failure to break higher or lower is frustrating. However, failure above has the bears back in charge.  Putting things in perspective 1.4454 is the NY high. The low has reached 1.4385.  The midpoint is 1.4419. The close from yesterday is 1.4413.  I would continue to use that area 1.4413-19) as the pivot for bullish or bearish bias (above bullish, below bearish).   The 100 bar MA comes in at 1.4420 (and moving lower) and also provides a level of resistance  to watch above.

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