Forex Trading: EURUSD Bounces Off The 50%. Tests Resistance
The EURUSD found support/profit taking buyers in the early NY session, off the 50% retracement of the move up from the 2012 lows. Better US data has led to a flight into risk and as a result the EURUSD has bounced higher. The pair is looking toward the next resistance target at the 1.3012 level (shallow trendline in the chart below). Above level is the more important 38.2% of the move down from late Wednesday’s high. That level comes in at the 1.30206 level. The 200 bar MA on the 5 minute chart is also at that level currently. As a result, the level if tested, would likely solicit good sellers on a test.
The move off the key support and move through the topside channel in the chart below will likely give sellers a reason to buy dips and rest. I will watch 1.2987-89 for support buyers on a dip
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