Narrow trading range for the EURUSD as the market struggles for a directional clue.

Written January 18, 2010 at 8:56 AM EST by  

gregmike-00095

The 1.4365-69 area is a support level for the EURUSD while the 1. 4377-81 level is a resistance level for the pair in very narrowing range, looking for a directional break.  The logical approach is to use the 100 bar MA on the above chart as resistance with a break of the top trendline a semi confirmation of a move higher.  Look for momentum on the break.

Below the 100 bar MA at the 1.4369 level has held over the last few hours. A break below that line and the 1.4365 further confirms the bearish bias.   Look for momentum to carry the pair lower on a break of that area. 

Markets are quiet.

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