Forex Trading: EUR/USD Holds Channel On Rally

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Forex Trading: EUR/USD Holds Channel On Rally

By Greg Michalowski on January 27, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

A late rally after the NY close led the EUR/USD to the top of the channel we have been examining. The pair is currently sitting on the highs after the latest rally trying to decide if it will penetrate and change its short-term outlook. The resistance trendline is currently in sync with the 4-100 hour moving average and we see the pair penetrated the 4-50 hour moving average which has acted as resistance for sometime. The question remains will the sentiment out of some of the EU representatives to stop easing really hold the markets attention to penetrate this channel that has been formulating for over a month.

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