Forex Trading: Tracking The EUR/USD Currency Pair

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Forex Trading: Tracking The EUR/USD Currency Pair

By Greg Michalowski on March 11, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

The EUR/USD has continued its bearish trading trend, in its recent range even though resistance was tested yesterday once again. The pair has formed a nice downward channel with support and resistance going back to 1/12/09. Looking at the below Daily chart of the pair, we see the 21 Day Moving Average providing resistance as well as the pair has been unable to close above this indicator.

Yesterday, the resistance level of 1.2805 in addition to the channel resistance was tested but the pair failed to make a run north and dropped back into the recent trading range. In the case of a break of these top side barriers with a daily close above the 21 Day MA should create a new target for the EUR/USD up to the 100 DAY Moving Average.

However, if this trend holds and the channel support is broken, keep an eye on the pair’s low of 1.2329 (2008’s low). A breach of this key level could provide some serious downward momentum and further issues for the EUROZONE…

As traders await an eventual EURUSD break, where do you see the pair going???

eurusd-3-111

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