EUR/USD Moves Up To Test The 1.4840 Level As The London Fix Approaches

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EUR/USD Moves Up To Test The 1.4840 Level As The London Fix Approaches

By Greg Michalowski on October 27, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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The level is equal to the 38.2% retracement level of the move up from the October 2nd low to the high yesterday. Remember that with London changing their clocks the London fixing takes place at 12:00 PM this week. As a result, we could see some additional volatility as we approach 12 noon in NY.

The EURUSD did get a boost from the IMB repurchase news which reversed the stock market after some week 10 AM data in the form of Consumer Confidence and the regional Richmond Manufacturing Index. Keep an eye on 1.4840. I expect sellers against the levels with stops on a move above.

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