Forex Trading: EUR/USD Tests 100-Hour Moving Average

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Forex Trading: EUR/USD Tests 100-Hour Moving Average

By Greg Michalowski on December 23, 2008 | More Posts By Greg Michalowski | Forex News By FXDD

Revisiting yesterday’s (Monday) EUR/USD retracement analysis from the 11/21 lows to the 12/18 highs, we see the pair did in fact test the 100 hr moving average during the European session but proceeded to fall off. The pair has been trading up and down the 1.39 handle for most of the time and obviously reacting to indicators on light volume during the holiday season. We will continue to watch the 100 hr mavg for resistance and target the rising 200 hr mavg as support.

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