EURUSD Breaks Support
- gregmikefx
- July 8th, 2011
The $EURUSD breaks below the 1.4273-77 support and falls sharply. The price is also back below the 100 day MA at the 1.4269 level. The next target of support will come in at the 1.4246 which is the 61.8% Fibonacci level of the move up from May. A move back above the 1.4269 level (100 day MA) would need to see momentum buying above the 1.4277 level to satisfy dip buyers. If so, there should be a reversal of some of the last decline. Markets are volatile as London and European fix and close approaches.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
Tickers: $EURUSD
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Lydia Idem has been investing in equities for 16 years and trading currencies actively for 5 and a half years. Her trading style is simple and short term. With a special feel for sterling, Lydia trades almost exclusively the GBPUSD and EURGBP. You can follow Lydia on Twitter and StockTwits... (more) -
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