Euro USD: Euro USD Futures: Night Market Update 3/2/10
Posted by: Richard Estrada // Category: Euro USD FuturesCurrency traders trading the Euro USD Futures tonight are watching the bulls push this market up ever so closer to last week’s high (1.3692). You will notice that the bulls did push the Euro USD currency futures 1 tick above this week’s high (1.3654), but only by 1 tick and have since been turned back (see 60-minute chart below).
Euro USD Currency Futures 60 minute chart
The daily chart of the March 2010 Euro USD Currency Futures (see chart below) clearly illustrates large swings above and below the 5-day moving average (red -1.3600) over the last several weeks. The question for currency traders now is, was today’s low (1.3433) the last low of this current downward cycle, or is today’s rally another opportunity to get short?
Euro USD Currency Futures Daily Chart
In my technical opinion there are keys area of technical support that I would like to see hold if I am looking long, and I would be cautious of selling this market anywhere above 1.3642.
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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