EURUSD tests 200 day moving average at 1.4281. Key level.

gregmikefx

The EURUSD has been hit hard today on the back of the worse than expected ZEW data out of Germany and the EUROZONE. The move has taken the pair down to test the 200 day moving average at the 1.4281 level. 

Look for some profit taking support against the key level, but on a break the market should find additional momentum as the talk of a bear flag support being broken has gotten some market players excited for a move lower.   The low in December is the next support at the 1.4217 level.  On the topside, watch the 1.4320 and 1.4331 levels for resistance.


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  • Lydia IdemLydia 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. (more)

    You can follow Lydia on Twitter and StockTwits

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