EUR/USD Is Down Testing The Support As New York Session Starts

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EUR/USD Is Down Testing The Support As New York Session Starts

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

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The old breakout trendline on the daily chart is being breached at the 1.4544 level and is likley to lead to further downward pressure for the EURUSD this morning. The low yesterday came in at 1.4527. A break of this level will next look to old lows at the 1.4502 level, with the 38.2% retracement down to the 1.4425 level as a more logical target for the pair as long as the price remains below the trendline.

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