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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.