Euro USD: Euro Currency Futures: AM Technical Update 3/16/10
Posted by: Richard Estrada // Category: Euro USD Futures
The Euro USD fell early last night only to find technical support and reverse above Monday’s low (1.3639). The June 2010 Euro USD Currency Futures contract made a session low at 1.3658 before retesting and running back through both the 24-bar (1.3695 last night) and 5-day (1.3702) moving averages. This area, which was a pivotal area of technical resistance in last night’s trading session, now becomes a pivotal area of technical support today.
The question for currency traders day trading the Euro USD today is will we see the bulls make a real push upward, or will see consolidation between today’s early high (1.3735) and the 5 day and 24-bar moving averages? Remember, we have an FOMC meeting today, so we might not see any big bets until after the announcement.
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Tags: currency futures, currency traders, Euro Currency futures, Euro USD