EUR/USD Between Goal Posts Trying To Find Its Way After The Fireworks This Morning

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EUR/USD Between Goal Posts Trying To Find Its Way After The Fireworks This Morning

By Greg Michalowski on June 4, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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The EURUSD successfully tested the 200 hour moving average at the 1.4064 level and has now drifted up to a test of the 100 hour moving average. The “between the goal post” (between 100 and 200 hour MA) trading range is indicative of a market which is trying to find its way. The pair lost a lot of value yesterday and was whipped around today so far. This will keep the market on edge. Expect to see traders act that way, with breaks out of the range needed to get the market excited in the direction of the break.

Note also the 1.4183 level is the midpoint on the longer term daily chart (see chart below). This too will act as resistance on the topside.

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