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

The EUR/USD is testing the 100 hour moving average at 1.3733 (currently). A break would target the 38.2% retracement level which comes in at around the 1.3850 level.

Update: The EUR/USD has backed off from the resistance at the 100 hour MA at the 1.3733 level and moved down to a low of 1.3708. The market tends to retest these key levels as shorts against the level are often in scared hands. The momentum is to the upside still. Corrections should be limited to the 1.3675 level.

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