EUR/USD Chops Around Between Support At 1.4716 And Resistance At 1.4735

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EUR/USD Chops Around Between Support At 1.4716 And Resistance At 1.4735

By Greg Michalowski on October 9, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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The EURUSD had a shallow correction to the 1.4733 level and moved back lower. The price dipped back down to test the 1.4716 level once again reaching a low of 1.4713. The price however, has rebounded back higher.

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The price is now back up testing intraday resistance at 1.4735. Clearly, the market is in a tug a war mode with support below against the 100 hour MA and intraday resistance against the 100 bar MA on the 5 minute chart (at 1.4735). Expect volatile conditions to continue.

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