EURUSD consolidates with 1.4117 being a key level today.

Written January 22, 2010 at 9:01 AM EST by  

gregmike-00157

The EURUSD has found the comfort zone at the 1.4117 level .  The price has been a floor and a ceiling over the last few days, and is also near the 38.2% retracement of the move up from yesterdays low which comes in at the 1.4113. The 200 bar MA on the 5 minute chart comes in at the 1.4122 currently.  The 100 bar MA on the same chart (blue line in chart above) comes in at 1.4136 currently.  The 1.4136 level will be used as topside resistance this morning. If the price can stay below this level, the bias remains to the downside. 

gregmike-00158

On the downside, the 1.4045 is support. This was the low from August (the last time the price was down at this area). Yesterday the price moved to a low at 1.4029 yesterday and bounce back higher.  This will also be a support level as the EURUSD consolidates after the move lower.

gregmike-00159

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