EURUSD moves above the 100 hour MA and 38.2% retracement level on hourly
Written February 9, 2010 at 7:58 AM EST by Greg Michalowski
The 100 hour MA comes in at the 1.3753 level. The 38.2% retracement comes in at the 1.3753 level as well. The break above triggered stop buying. This pushed the price up to the 1.3773 level. Now the price should have support at the 1.3753 level. A move back below the 1.3744 level (the prior high for today) would muddy the water, but the bias at the moment at least is back to the upside. The next target would be the 1.3805 level which is the 50% retracement of the same move down from the Feb 3rd low to the low reached on Friday the 5th of February.
Categories: Forex Trading |
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