Forex Trading: EUR/USD Moves Up As Retracement Level Not Threatened

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Forex Trading: EUR/USD Moves Up As Retracement Level Not Threatened

By Greg Michalowski on December 20, 2008 | More Posts By Greg Michalowski | Forex News By FXDD

The EUR/USD has moved higher off the lows as the pair was not able to threaten the 38.2% retracement level of the recent move higher at the 1.3806 level (see chart above). The range for the day has been yet another large top to bottom range. The high today was 1.4309, while the low came in at 1.3824. The 485 pip range is the 3rd day in a row with a range greater than 450 pips. This is extraordinary volatility and reflective of the end of year illiquidity that is gripping the market as the year comes to a close.

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