Like GBP/USD, EUR/USD Held 100-Hour Moving Average Support

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Like GBP/USD, EUR/USD Held 100-Hour Moving Average Support

By Greg Michalowski on February 24, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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Like the GBPUSD (see earlier post), the EURUSD also tested the 100 hour MA at the 1.2694 level This was the second test of the moving average today. The level also corresponds with the 61.8% Fibonacci Retracement.

With two successful attempts, the importance of the level becomes more important going forward. The problem with the EURUSD is the pair remains largely non-trending. It also has its banking concerns which weigh on the currency.

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