Forex Trading: EUR/USD Targets Retracement Support

The break of the 100 hour moving average and 100 day moving average at the 1.3590 area by the EUR/USD this morning has led to sharply lower levels today.  The pair has since moved below the midpoint of the last move higher at the 1.3524 level with a low of 1.3469, and looks poised to target the 61.8% retracement level next.  That level comes in at the 1.3242.

I would like to see the price action stay below the lows from yesterday to keep the pressure on the pair.   That level comes in at 1.3534.  I would expect sellers against the level intraday. If done, there would be a chance for additonal probing to the downside later today and into next week.

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Comment by Jerry Clark

2009-01-09 22:08:09

Well it’s 3.00am and I am staring at 1.55266, I was going long anyway, but now I’m shorting 16 pairs and can’t find any news on what’s going on, I am a total rookie at forex, am I really going to be a multi millionaire next week? I got two margin calls and entered stop losses on everything and trailing stops and SP, no more MC ’s, if it goes wrong for me I will loose about £5,000 so I have my fingers crossed, I am I missing anything, I can’t stop shaking, My mate Jack Daniels is here to keep me calm, thanks Jack…

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