Forex Trading: EUR/USD Approaches Yesterday’s Break Level

New York London GMT Tokyo Singapore

Forex Trading: EUR/USD Approaches Yesterday’s Break Level

By Greg Michalowski on April 28, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

gregmike-03091

The EUR/USD is approaching the 1.3877 level where the market broke lower yesterday (Monday). This is a key level as the market really gained momentum at this level yesterday and the market tends to remember such key levels. Yesterday both the 100 (blue line) and the 200 (green line) moving averages converged at that level when the market broke through. This added extra fuel to the selling pressure.

I would expect some resistance at the level. Should the price break above, there is additional resistance at the 1.3093 area where the 100 hour MA and the 50% retracement of the move higher from the April 20th low to the April 24th high is located.

Check Out These Related Posts:

If you like this article please...

Subscribe by RSS Subscribe by Email

Email This Post To A Friend

Recent News:

TSX Ends Slightly Higher After Surrendering Most Of Early Gains - Canadian Commentary - 40 mins ago
Stocks See Notable Rally To Kick-Off Thanksgiving Week - U.S. Commentary - 55 mins ago
Higher Opens Expected For New Zealand, Australia Shares - 1 hr ago
Bay Street Stocks Remain Slightly Above Unchanged Levels - Canadian Commentary - 2 hrs ago
Stocks Attempting To Hold Onto Gains In Mid-Afternoon Trading - U.S. Commentary - 3 hrs ago

Opinions From Our Contributors

Commodities The Simplest Reason Gold Will Soar Physical Gold, Silver And Oil Out-Performing Their Stocks? Silver Hits New Highs At Top Of Uptrend Channel Gold Has Just Barely Entered The Gravity-Free Zone More Than Just Mines: A Look At Other Ways To Profit From Coal, Copper And Ore China Owns The Heavy Stone Has Gold Just Broken Out Of Its Trend Channel? The Dirty Little Secrets Of Warrants, Options & LEAPS Interesting Articles To Read The Forgotten Commodity - Rice Read More »	Financials Don’t Count Out Actively Managed ETFs U.S. Bank Failures Reach 124 Financial ETFs Still Remain Vulnerable Ron Paul Thinks That Fed “Oversight Is Laughable” Buffett Borrows For Rail Acquisition Investment Ideas: Here Are 3 Dirt Cheap Stocks Treasury To Auction TARP Warrants Dear Reader, We Cannot Criticize Goldman Sachs. Instead, We Admire It 2010 Outlook For The US Banking Industry Get Rid Of Your General Electric Shares Read More »	Exchange Traded Funds ETF Update: Health Stocks And Health Care Legislation Biggest Gainer ETFs For The Week Ended 22 Nov What You Should Know About Precious Metals ETFs And Taxes Main Street Vs. Wall Street: Using ETFs To Capitalize Why You Should Watch This Leisure & Entertainment ETF Biotech Investing: Spread Your Risks With ETFs Are You Going For Yield With Your ETFs? Rydex Market Timers: At It Again Is An Asset Bubble Forming In Hong Kong’s ETF? Commodity Investing: ETFs Or Mutual Funds? Read More »
Stocks Chart Of The Week: No More Easy Money For Volatility Sellers? 2009 Best Small Companies Part 3 Why Is Pimco’s Bill Gross Investing In Utilities? Morning Movers: LDK Solar, Origin Agritec, USG Stocks To Watch On Monday Thanksgiving Week: Stock Trading Tends To Be Less Bullish Stock Market News: Ebay Website Outage; Microsoft In Discussions With News Corp. To “De-index” Firm’s News Websites From Google Caterpillar (CAT) - Bull Of The Day Stock Investor Sentiment: Will This Week Be Another Repeat Of The Last Two? How Does Volatility Affect Stock Options? Read More »	Forex Forex Trading Ideas: Is Sterling About To Get Pounded? AUD/USD Loses Momentum After Testing The 200-Hour Moving Average Fed Comments Revive Risk Appetite, Sending US Dollar Lower Structural US Dollar Weakness Persists Australian Dollar: Caution Canadian Dollar: Caution Forex Traders Await Tuesday’s German IFO Report Better Existing Home Data Leads To Some US Dollar Buying Swiss Franc: The Downside Prevails Japanese Yen: Under Pressure Read More »	Economy Emerging Markets Consider Capital Controls To Combat “Hot Money” Inflows Despite Recession, Innovation Is Alive And Well What Is Ron Paul’s Real Agenda When He Talks About Auditing The Fed China: A Riddle Wrapped In An Enigma Should A House Be Treated As A Great Investment? Economic, News And US Earnings Reports For The Week Nov 23 - 27 Spitting On The Boomers’ Financial Legacy Alternatives To The US Dollar As The World’s Reserve Currency The Economists Are Wrong Again There Is A Considerable Gap Between What The Fed’s Saying And What It’s Thinking Read More »