EUR/USD eyes possible upside target at 100 Day MA 1.4671

Written January 11, 2010 at 11:28 AM EST by  

jan11-2010-eurusdd

It appears that traders are eyeing the EUR/USD for a possible upside target at the 100 Day MA 1.4671. The pair has broken cleanly over the 1.4448 level and is well between the goalposts. As with everything in life, there are no sure things, but frequently, when key levels are broken, this gives the market the confidence to try for further levels in the same direction. The next level of short term resistance will come in at 1.4585. Above this will be the 100 Day MA at 1.4671. On the downside if the pair fails to continue higher, we will see support at 1.4485, 1.4450 and then down to the 38.2% level at 1.4280 and the 200 Day MA below that at 1.4248

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