$EURUSD pushes back above the 100 hour MA today

• gregmikefx
• January 25th, 2010

The EURUSD pushed above the 100 hour MA today, continuing the correction started last Thursday. The price moved above the level for the 1st time since January 15th at the 1.4161 level and this pushed the price up to the high for the day at the 1.4193 level.  The topside has resistance next at the trendline at the 1.4206 level currently. The next target on a break comes in at the 1.4239 level. The 200 day MA comes in at the 1.4294 level today.  This is a key upside level that the bears will have to stay below.

ON the downside, the price has corrected back to the 100 hour MA at the 1.4159 level.  Below that level today is the close from Friday at 1.4140 and the trendline at 1.4139 (see hourly chart above).  The 1.4117 level (38.2% of the 2009 low to high range), will be eyed as key support. A break of this should lead to a test of the lows reached last week if the price can remain below this key level.

Overall, the market is consolidating/correcting.   We will be watching the key levels outlined as support/resistance. If the levels give way look for the next targets to confirm the directional move of the action.

Tickers: $EURUSD

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