EURUSD rebounds from overnights sharp selloff. Tests yesterdays close
- gregmikefx
- October 15th, 2009
Yesterday the EURUSD closed at 1.4924. The move back up off the low today has reached 1.4924. Look for the level to attract sellers. If the price moves back above, it should encourage the dollar bears once again. The target on the upside would extend to 1.4943 area where the trendline on the daily comes in.
A move back below 1.4913 (100 bar MA on the 5 minute chart – blue line) should confirm a further downside move toward 1.4905 and 1.4890.
If downside momentum can be established the price of the EURUSD could correct down to the 100 hour MA which currently comes in at the 1.4825 level. The low today reached the 1.4842 level. Keep this MA in mind.
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.
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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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