Forex Trading: EUR/USD Continues To Consolidate

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Forex Trading: EUR/USD Continues To Consolidate

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

In a pretty lackluster two trading sessions (Japan and Europe) thus far to start the Forex week, the EUR/USD continues its recent consolidation tone and stays between two key levels. The pair since breaking below the 1.31 handle as January closed has been range trading using that top and a bottom of 1.2700. The pair did open the market on a pretty significant gap yesterday as potential Eastern Europe sovereign debt defaults softened up the EUR across the board. The EUR/USD was able to consolidate the initial blow and remain flat as the trading session progressed. Both the 1.31 and 1.27 handles should continue to act as a barriers for the pair with word that some noteworthy stops are building at 1.2700.

eurusd-2-16

Taking a step back, if the 1.27 level is broken the EUR/USD’s next significant support would be down near the 1.23 handle (focusing on 10/28’s low). Stay tuned with an attentive eye on this pair as breach of these levels can make for some major trading opportunities…

eurusd-2-161

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