Forex Trading: EUR/USD Retreats But Maintains Positive Bias

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Forex Trading: EUR/USD Retreats But Maintains Positive Bias

By Greg Michalowski on May 8, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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The EUR/USD is correcting off the highs, moving down to a correction low of 1.3456. The 1.3450 level and below that 1.3433 where the intraday high prior to the employment report, and 100 bar moving average on the 5 minute chart is currently located.

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On the topside, the 200 day moving average at the 1.3477 level remains the key level for the day. A close above would be needed today to continue the upward bias for the pair. There is also a double top today at the high price of 1.3516. Finally the 1.3556 remains trendline resistance.

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