EURUSD tests key support at 1.3691 as the market drifts lower.

Written March 15, 2010 at 10:14 AM EST by  

gregmike-00826

The 1.3691 level has been a key level of support and resistance from March and also the first spike high on February 23rd. (see prior post).  This level should find some support/profit taking buyers. A break, however,  would target a move toward the 100 hour MA at the 1.3665 level.  Topside resistance comes in at 1.3708. A move back above this level would target 1.3724.

gregmike-00827

Hurting the EURUSD is profit taking in the EURGBP which has that pair back down testing the 100 hour MA at the 0.9086 level.  A break of that level might further pressure the pair. Key level for the pairs.

gregmike-00828

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