EURUSD

EURUSD:
Stayed above the 1.5449 level and now testing resistance at 1.5484

NZDUSD:
Held the 0.7665 level and traded marginally higher

GBPUSD:
Held the trendline support at 1.9467 and moved higher.

The EURUSD tested the 200 hour moving average at 1.5491 in the London session and broke the 100 hour in NY at 1.5449.  Watching these levels today on an intraday basis. 

The EURUSD trades higher on the back of Trichet comments.   Back above the 1.5400.   Support for the day comes in against the 1.5361 level, the low from the employment day on May 2nd.  The first buyers will probably come in at 1.5376. 

The 38.2% retacement of the move up from the low on December 20th comes in at 1.5366.  The low after the employment report was 1.5361.  These levels are key support levels today.  A break and close below these levels would target further downside support.  The 50% retracement comes in at 1.5164 and the 100 day moving average comes in at 1.5142. 

This area will be the target on a close below 1.5361-1.5366 area today.

The EURUSD is holding the support level at 1.5519 so far with a low print of 1.5517.   The pair still has the support at this level.  A move below will target a test of 1.5502.  Pips are hard to come by down here, however. 

The pair has intraday support at the 1.5519 level.  A break finds intraday support at 1.5501 the 100 hour moving average. 

The 1.5571 level is shaping up as good resistance. Have the 200 hour moving average and the 61.8% retracement level of the move down from the April 28th high to the low on May 2nd.  I would expect sellers against this level this morning.

The pair approaches the  100 hour moving average at 1.5517.   Have support at the 1.5477 level. 

Off the stronger than expected ISM survey, the EURUSD sold through the support at 1.5451 level on its way to test the low for the day at 1.5426.   The market bounced and is now back up at the 1.5451 level again. 

The bid off the low is encouraging which suggests that the market is probably a bit short still.  However, a big move for the day is not expected. 

Commodities and oil are higher this morning.  This tends to lead to a lower dollar.  The EURUSD has moved above the 21 hour moving averagae and seems to have bottomed for the time being.  A target level would be the 100 hour moving average at the 1.5520 area.  Support comes in at the 21 hour moving average at 1.5451.