Forex Trading: EUR/USD Bias Should Remain To The Upside

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Forex Trading: EUR/USD Bias Should Remain To The Upside

By Greg Michalowski on June 1, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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The EUR/USD broke was able to move through the 50% retracement resistance at the 1.4183 level and went up to test the 200 week moving average resistance at the 1.4242 level (high 1.4246). The pair has corrected back down to test the 50% break level with a low 1.4188. The low correction also held the 100 bar moving average on the 5 minute chart (see chart below).

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As long as the 1.4183 level (50% level) can hold the support, the bias should remain to the upside for the intraday. A break on the downside should lead to further corrections as profit takers enter the picture.

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