Forex Trading: EUR/USD Falls Through Support And Stops Are Triggered

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Forex Trading: EUR/USD Falls Through Support And Stops Are Triggered

By Greg Michalowski on March 26, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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Now, the EUR/USD has moved through the support from the 100 and 200 bar moving average on the 5 minute chart and triggered sales. The price moved to a low of 1.3562. If the price is able to stay below the 1.3580 level, the downside is favored. However, the positions seem to be in the hands of short-term traders today which would likely lead to covering on moves back above the 1.3590 level. Intraday bias is down for the time being.

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