Forex Trading: EUR/USD Breaks Key Longer Term Support

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Forex Trading: EUR/USD Breaks Key Longer Term Support

By Greg Michalowski on January 5, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

The EUR/USD moved below the 100 day moving average at the 1.3628 level today and triggered additional selling. The level will be a key level today if the pair can close below the level, the bias in the intermediate term time frame turns negative.

If the pair can stay below this key level today, the next target would be the 50% retracement level of the last move higher. The pair moved up from a low of 1.2329 on October 28th and reached a high of 1.4719 on December 18th. The midpoint of that move comes in at 1.3524. This is the next target support level for the pair (see the chart above).

The move down in the EURUSD was aided by additional selling in the EURGBP (see previous chart by clicking here).

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