Forex Trading: EURUSD is searching for comfort level
Posted by Greg Michalowski on Mon, 07/14/2008 - 7:36am in
The EURUSD is trying to find the comfort level after early volatility due to the weekend events. The pair reached a low during the early London hours at 1.5841. The level was tested in early NY and has so far held.
Retracement support at the 38.2% level comes in at 1.5832. This level will be watched. Below that is support at 1.5791.
On the upside look for initial resistance against the 1.5888 level, then 1.5904. A break above the 1.5904 should lead to a further move higher.

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