Forex Trading: EUR/USD Breaks Below 100-Hour Moving Average

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Forex Trading: EUR/USD Breaks Below 100-Hour Moving Average

By Greg Michalowski on May 26, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

For the first time since May 18th when the EUR/USD pair went through the 1.3550 area, the pair has broken below the 100 hr moving average in a relatively thin market following a US holiday.

A report from the Wall Street Journal suggesting that USD buying intervention is in the cards for Asian Central Banks as recent USD weakness has hurt the countries’ export sector has further propelled the bid for dollars across the board. The central banks mentioned in the report are South Korea, Thailand, India, Singapore and Taiwan.

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