EURUSD breaks through the 100 hour MA support and scoots lower

The EURUSD’s 100 hour MA was breached at the 1.3729 price and the price has scooted to a low of 1.3711.  The price should now find resistance against the 1.3729 level and should stay below the 1.3737 level (close from yesterday).  If the hourly bar closes below the 1.3729 price, the downside should look to target the 200 hour MA at the 1.3679 level currently with interim support at the 1.3700 level (see chart above). Watch 1.3729 to hold corrective resistance.

EURUSD approaches support at 1.3722

The 100 hour MA comes in at 1.3722. This is key intraday support for the EURUSD.  Look for profit taking buyers against the level

EURUSD keeps 1.3735 as the lid for now at least

The 1.3735 level was the high from March 3rd.  Yesterday, the market stalled at this level before giving way and moving lower. Today, the price is back up testing this level.   The high reached in the last few minutes found sellers against the level and we have seen the price rotate back down.  The 1.3691 level will continue to be watched below where the 100 hour MA and the old highs and lows through March have increased the importance of the level.   1.3704, the high from March 8th is also a level to watch below. 

The FOMC rate decision is later today. That and perhaps the London fixing at 12:00 noon today will cause some fireworks (there is some talk that EURGBP may be pressured and this may keep a lid on the EURUSD).  At the moment we are just range trading.

Portugal’s dos Santos gives positive spin on outlook

Portugal’s Finance Minister Fernando Teixeira dos Santos says Portugal on right track to solve its problems and the country won’t need any help.

This can be viewed as good news for the Eurozone, as Portugal, as well as Italy and Spain, are feared to be the next Greece. Eur/Usd has just bounced off of its lows about 15 points to 1.3671.

Eur/Usd looking bearish going into German ZEW

Eur/Usd has methodically given back gains from March 12 high of 1.3796. Amid fears that Moody may downgrade German, French and Spanish AAA rating Euro has traded down to 1.3640 on March 15th, below its 200 hour M/A, but has not cleanly broke through.

Early in today’s session the pair was trading above the 100 hour M/A of 1.3681, but had met resistance at 1.3699, the 38.2% Fibo. In recent trading it appears to have broken below and now flirts with the 200 hour at 1.3651. Any negative outlook from the  German ZEW Economic Sentiment which comes out at 6:00 EST may give the pair the momentum to trade below 1.3640 going into early U.S trading.

EURUSD holds resistance and falls toward 100 hour MA support

The 1.3708 level held the top as per the prior post and this has led to a move through key support at 1.3691.  The next target support comes in at 1.3666.  This is the 100 hour MA level and should find some additional intraday profit takers. A break targets the 200 hour MA at the 1.3651 and then 1.3617.

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

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.

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.

EURUSD watching the 1.3735 level above. Below key support at 1.3691

The high from March 3rd comes in at 1.3735 this level was the high from March 3rd and should provide upside resistance for today. On the downside the 1.3704 level which was the March 8th high but below that level is more important support at the 1.3691 level.  This level has been a key support/resistance level in the month of March.  Back on February 23rd the high spiked higher and stopped at 1.3691 as well.

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