» » Forex Trading: EURUSD Trades Between The “Goal Posts”
Greg Michalowski

Forex Trading: EURUSD Trades Between The “Goal Posts”

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

The EURUSD is trading between what I call the Goal Posts (between the 100 and 200 hour MA’s in the chart above). The pair moved higher in the late London morning on comments from China Premiere Wen who said China was exploring helping in the ESM/EFSF mechanisms. However, he later commented that he was not sure how. EU’s Juncker sent the EURUSD to the NY lows on comments that Greece PSI talks were ultra difficult. This sent the price down to test the 200 hour MA vut the price could not close below that level.

Now with the price higher and off the 200 hour MA (green line in the chart above), the pair has found initial resistance against the midpoint of the weeks trading range at the 1.3125 level. A move above that level will target the 100 hour MA at the at 1.3143.  A break above that level targets the topside trendline at the 1.3191 level currently.

Holding below the weeks midpoint (look for sellers against the level) should send the pair back down to test the 200 hour AM at the 1.3095 level currently. A break of it, will next look toward the 1.3076 level and then the lows for the week at 1.3041 (Tuesday’s low)  and 1.3025 (from Wednesday).

The week is a non trending week. Bernanke speaks at 10 AM ET which could ignite some action. The Fed Chair has been dovish and will likely continue to express this sentiment in Washington today.  Hints of QE3 have sent stocks higher and with it the EURUSD but in this market filled with news (and unemployment tomorrow) it is always best to follow the key technical levels and define risk against those levels.

Recent Articles By Greg Michalowski:

Leave A Comment :

Name (required)
E-mail (required - never shown publicly)
Your Comment (smaller size | larger size)
*/ ?>