EUR USD: Euro Futures: Euro Forex Futures Update 7/21/10
Posted by: Richard Estrada // Category: Euro USD FuturesThe EUR USD broke below the 5-day moving average (red - 1.2898) and is down over 80 ticks in early trade (see daily chart below). Commodity traders who are day trading futures, particularly the Euro Forex Futures might have been enticed to sell the market once the market fell back through the 5-day moving average last night. The question for currency traders now is do they fade the sell-off, or try and jump on the short train in the EUR USD?
The 60-minute chart of the Euro Currency Futures (see chart above) shows the market currently trading within a very thin area of volume support (third red rectangle up from the bottom), which is also the only technical buffer before the next level of potential technical support (in the area of 1.2700). Will the bulls be able to hold this area, or will a break below this area entice more short-term selling? How do I define levels and why do we consider levels important. Join me and other professional traders for detailed technical analysis in the currency futures market and discover the power of detailed technical analysis..
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Tags: Commodity Traders, currency traders, day trading futures, EUR USD, Euro Currency futures, Euro Forex Futures, Euro Futures, Technical Analysis