EUR/USD Tests 50% Retracement Resistance

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EUR/USD Tests 50% Retracement Resistance

By Greg Michalowski on April 29, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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The EUR/USD is testing the 50 % retracement of the move down from the March 23rd high to the March 20th low. The level comes in at the 1.3314 level. I expect some profit taking at the current level. However, the bias remains to the upside for the pair with dips likely bought. A move to new highs should not be faded however (above 1.3330). 1.3277 should contain downside (the old high today).

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