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Forex Trading: EURUSD bigger picture

Posted by Greg Michalowski on Wed, 05/07/2008 - 10:37am in

EURUSD

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.