Forex Trading: EUR/GBP Tests Retracement Level Once Again

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Forex Trading: EUR/GBP Tests Retracement Level Once Again

By Greg Michalowski on January 7, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

As mentioned in previous posts, the EUR/GBP has target support at the 38.2% retracement of the move up from the October low of 0.7701 and the December high of 0.9802. The level comes in at 0.9000.

The low today has been 0.9016. The low yesterday was 0.9021. Clearly, profit takers have slowed the EUR/GBP decline at the key support level. I would expect that traders will continue to protect the level. If the price moves below, however, I would expect that stops will be triggered and the price to continue the correction down.

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