EUR/USD Tilting Down But Not Running As NY Session Consolidates The Move Higher

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EUR/USD Tilting Down But Not Running As NY Session Consolidates The Move Higher

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

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The EURUSD has been consolidating over most of the NY day with a NY low of 1.4981 and a NY high of 1.5020. This is after the Far East and London took the pair up from1.4853 level. The 100 bar MA on the 5 minute chart has been breached on the downside at the 1.4997 currently, but the momentum down has not been all that great to say the least. Nevertheless, if the price can remain below the 100 bar MA a further correction to the 200 bar MA at the to 1.4968 would be the next target. A move back above the moving average would be tempted to test the high at 1.5020 (and 1.5062 target), but it does not seem the momentum is just not there - today at least.

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