EURUSD tests the 100 hour MA and finding some profit taking sellers

• Posted by: gregmikefx
• February 2nd, 2010

The EURUSD is testing the 100 hour MA as NY enters for the day. The level comes in at the 1.3954 level. 

The pair has risen off the low that tested the old channel trendline (see chart below) at the 1.3883 level. The grind highertoday  is now finding the profit taking sellers now at the key moving average level. A break above would likely lead to renewed buying interest with 1.3983 the next target for the pair.

On the downside, look for price to find support at the 1.3930-35 area.  The 38.2% of the days range comes in at 1.3930 and the 100 bar MA on the 5 minute chart is at the level as well.

Stock futures are up in early trade but modestly. DJ Futures are up 20 -25 points and oil price are also up (+$0.75)

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