Will there be more profit taking on the Eur/Usd

Written January 21, 2010 at 5:30 PM EST by  

After the Eur/Usd made a huge 550 pips lower from a high of 1.4580 to 1.4030 we might see people start taking profits up to the 23.6 retracement level at 1.4160 to 38.2 retracement at 1.4240.

eurusd-1h-1-21-2010

Eur/Usd found some support around 1.4030 area after testing it twice with a pull back of 1.4140, now trading at 1.4090.

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