» » Forex Trading: EURUSD Moves Back Below The 38.2% Retracement
Greg Michalowski

Forex Trading: EURUSD Moves Back Below The 38.2% Retracement

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

Fitch as downgraded a number of Spanish banks today and says that they expect Spanish unemployment to remain elevated (it is currently pushing 23%. Click on the chart above outlining the trends in the Spanish economic statistics).  The report has not had a huge impact on the EURUSD although it has dipped back below the 1.32084 level which is the 38.2% of the move up from the February 6th low.  The low for the day came in at the 1.3200 level. Below that the 200 hour MA at the 1.3191 is the next key target support level. I would expect buyers against the level as the pair continues its wander to the downside.

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