Forex Trading: EUR/USD Tests Retracement Level

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Forex Trading: EUR/USD Tests Retracement Level

By Greg Michalowski on January 16, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

The EUR/USD corrected last night, moving through the 1.3242 key level and the 100 hour MA in the process (albeit reluctantly as it traded in a volatile fashion around the level for a few hours before moving higher.

The pair is currently testing the highs for the day at the 1.3317. This is just short of the 38.2% retacement level of the move down from the Jan 8th high of 1.3798 and the January 15th low of 1.3025. The 38.2% retracement level comes in at 1.3320. Just above that level is the high for Wednesday at 1.3335. As a result, I expect resistance to be somewhat strong here.

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