Forex Trading: Euro Approaches High Of 2009 Against US Dollar

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Forex Trading: Euro Approaches High Of 2009 Against US Dollar

By Greg Michalowski on May 22, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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The EUR/USD is moving to new highs in early NY trade. There is no US data today, but the dollar selling continues.

For those who follow our commentary, the 1st target level for the EUR/USD is currently being tested. The pair is testing the 2009 high price at the 1.3986 level. This level was traded on January 2nd - the 1st trading year of the calendar year. As the EUR/USD has rallied, the level has almost acted as a magnet as it is very unlikely, the high for the year, will occur on the 1st trading day of the year.

Nevertheless, this level should cause a pause with the potential for profit taking today. A break through with momentum should not be faded, and will target on the longer term chart, the 50% retracement target of the move down from the July 2008 high. That level comes in at the 1.4190 area.

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