Forex Trading: EUR/USD Touches Some Resistance

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Forex Trading: EUR/USD Touches Some Resistance

By Greg Michalowski on May 5, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

The EUR/USD pair took a step back after rallying to the 23.6% retracement at the beginning of the Asian session, but has since pulled back as the Yen and USD have strengthened on a Wall Street Journal Report suggesting that as many as 10 US banks many need to raise capital based on the results of the stress test.

On the 4-hour retracement below from the 3/4 lows to the 3/19 highs we see the pair hit the 23.6% level and trade lower, we will view that resistance and the indicators and levels below as support on any profit taking or equity slow down.

eurusd

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