Euro USD: Euro USD Currency Futures: AM Technical Update 3/5/10
Posted by: Richard Estrada // Category: Euro USD Futures
Currency Traders were quiet last night, more then likely not wanting to make any big bets before the U.S. Non Farm Payrolls report. With that behind us now, the initial move after the report in the Euro USD was a 40-tick spike down followed by a 30-minute recovery (see 60-minute chart below). The question for currency traders day trading the Euro USD Currency futures is which was do we go from here?
My favorite answer to this question is who knows. What I do see is technical resistance at the 24-bar moving average (1.3566) followed by the 5-day moving average (1.3598) and 4-week moving average (1.3600). A break above this area and we might see some technical momentum to the upside. If you would like a live update join me in my TRADING ROOM NOW.
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Opinions expressed are subject to change without notice. I make no promises or guarantees implied or otherwise that utilizing short-term trading strategies will result in profits or limited losses. There is significant risk of financial loss in trading futures; therefore you should carefully consider whether trading futures is right for you in light of your financial condition
Tags: day trading futures, Euro Currency futures, Euro Futures, Euro USD