EURUSD falls to test 100 hour MA and week midpoint at 1.4370
Written January 5, 2010 at 1:23 PM EST by Greg Michalowski
The EURUSD has broken below the 1.4385 floor and moved to test the 100 hour moving average at the 1.4370 level. The level also corresponds to the midpoint of the weeks range. A break of the level will next target the 200 hour moving average at the 1.4355 level (green line in the chart above).
There should be some profit taking buyers against the 1.4372 level. However the narrow trading range and break of the floor keeps the pressure to the dowside. Upside resistance should come in at 1.4397 now.
Categories: Forex Trading |
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