EURUSD moves below 61.8% retracement support at 1.3551. Can the momentum continue?

Written March 9, 2010 at 8:27 AM EST by  

gregmike-00771

The 1.3551 level is the 61.8% retracement support of the move up from the March 1st low to the March 3rd high.  The level comes in at 1.3551.  The level has just broken and should lead to a further move lower in the pair, but can the EURUSD keep the momentum?  If so, the target on the downside becomes the 1.3513 level which has been a level where there has been support and resistance over the last few weeks (see chart arrows above).     

On the topside, if the price moves back above the 1.3551 level, the 1.3567 level be eyed  This is the  NY high. A move above this level will be a disappointment for the bears who are eyeing a continuation of the trend type move down in the EURUSD today.

 gregmike-00772

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