EUR/USD Hits Former Support

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EUR/USD Hits Former Support

By Greg Michalowski on February 20, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

The former EUR/USD trendline support has become our new resistance. On the chart below we see the pair test that level to the top side and trade lower at the start of the Asian session. We will continue to view that level as resistance and watch the pair trade lower toward the October lows above the 1.23 handle as the Euro dominos continue down a dangerous path for the Euro-Zone.

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