Euro USD: Euro Currency Futures: EC Technical Recap 3/15/10
Posted by: Richard Estrada // Category: Euro USD Futures
Currency traders speculating in the Euro USD witnessed a steep sell-off that started at about 7:00AM Pacific Time. You can see by looking at the 60-minute chart of the June 2010 Euro USD Currency Futures contract (see chart below) that once the market broke though the bottom a bull flag formation (outlined in green) the next stop was just above the 25-day moving average (blue 1.3628).
The initial area of projected support (5-day moving average 1.3677) I identified this morning failed to hold, but you will notice that by the close of the session the Euro USD was trading right back at the 5-day moving average. The question for currency traders tonight is will we see the bulls build support between the 5 and 25-day moving averages tonight, before launching another upside rally, or are the bears going to utilize the 5-day moving average as a place to start shorting the Euro USD?
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