Markets react to EU comments on Greece. Tests the 2009 midpoint level at 1.3800
Written February 9, 2010 at 11:52 AM EST by Greg Michalowski
A comment by a German official regarding support for Greece has sent the EURUSD sharply higher and the dollar lower as funds flow back into the risk currency pairs including the USD and JPY.
The EURUSD moved back above the 100 hour MA at the 1.3743 and held the level on a correction lower. The low price came down to 1.3751. The pair is now up testing the 1.3800 level which is the midpoint of the 2009 low to high trading range.
A break could see the price move up to test the 200 hour MA at the 1.3843 level.
Categories: Forex Trading |
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Comment by an official or a fact. Strange how comments and rumors have this much impact.
Report from newswires say that German official in newspaper report said that the EU is “considering” the aid. The markets are cut off guard and technical levels have been breached.
Greg,
May be the traders just realised that it is only rumour or news, see the markets already started to retreat..
I got a quick 68 pips on short.