Forex Trading: EUR/USD Tests 100 Hour MA Overnight And Holds Resistance

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Forex Trading: EUR/USD Tests 100 Hour MA Overnight And Holds Resistance

By Greg Michalowski on January 22, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

The EUR/USD tested the 100 hour moving average last night. The high for the day has been 1.3082. The 100 hour MA was 1.3077 (at the time). Sellers entered the market the level and pushed the price down further. A move above the 100 hour moving average currently at the 1.3067 is needed to push the price higher. Bears remain in charge.

The price is now trading more toward the low as the price consolidates. The low overnight was 1.2944. Another low came in at 1.2968. The price bottomed at 1.2824 yesterday.

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