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Forex Trading: EURUSD breaks the support level, then bounces

Posted by Greg Michalowski on Mon, 05/05/2008 - 10:33am in

 

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.