Forex Trading: EUR/USD Moves Toward Support Against 100 & 200 Hour Moving Averages

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Forex Trading: EUR/USD Moves Toward Support Against 100 & 200 Hour Moving Averages

By Greg Michalowski on May 19, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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The EUR/USD is moving toward support against the 100 and 20o hour moving averages at the 1.3561 and 1.3554 levels respectively (see chart above).

The EUR/USD was supported earlier by higher ZEW data out of the Eurozone and Germany (EUROZONE ZEW rose to 28.5 from 11.8 last month, the highest level since June 2006). However, the weaker housing has pressured the stocks a bit and has led to some selling the EUR/JPY and with it, the EUR/USD.

Look for support against the 1.3554-61 level. The close from yesterday was also at the 1.3560 and should provide some support.

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