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Forex Trading: EUR/USD Following Technicals In A Thin Market
By Greg Michalowski on December 22, 2008 | More Posts By Greg Michalowski | Forex News By FXDD
As the holidays and New Year approach, the markets as always thin out with a lot of real money on the sidelines. Looking at our hourly retracement analysis (11/21 lows - 12/18 highs) on the EUR/USD pair, although the moves last week look extraordinary, they are following some technicals, which we will continue to adhere to through the end of the year. After dropping from last weeks highs on Friday, highlighted on the chart below you see the pair trade to the 38.2% retracement level and immediately bounce up. Although the pair never had a chance to test the 100 hour moving average, we will use that as resistance and look for the 200 hour moving average to act as support over the next few sessions. A break of the 200hr mavg will bring the 61.8% retracement level into play, where we had some price action on the move north.
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correct view