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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