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Greg Michalowski

EUR/USD Continues To Consolidate With Lower Lows

By Greg Michalowski on | More Posts By | Forex News By FXDD

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The EURUSD has continued to consolidate in the NY session. The phase has come with lower highs and also allowed the 100 bar MA to catch up to the market.  I get the feeling  the market will continue to range with moves lower and higher around the 100 bar moving average on the 5 minute chart providing the bias to the upside or the downside.

Support comes in at 1.4763 to 1.4766 this corresponds with the 38.2% retracement of the days range and the old high price from September 17th (at 1.4766).  The price has not moved below this level since it broke higher earlier today – increasing the significance of the level on the downside.  As long as the price remains above this level (and keep an eye on the 200 bar MA currently at 1.4757) the bias for me remains bullish.

On the topside resistance comes in at 1.4810 where the upper trendline is found.  Above that 1.4825, and 1.4866 (old highs from 2008) will be eyed.

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