Sunday, August 23, 2009

EURUSD bounces of target support at 1.4272

The EURUSD fell through the support level at the 1.4304 to 1.4312 level and headed toward the target support level at the 1.4272 level ( . The low reached 1.4276 and has bounced back toward the 1.4300 level again. The downside remains favored with upside most likely contained by the 1.4304 to 1.4312 level. I would not expect the price to move back above this level, however. Look for seller against the level as the story of higher stocks and higher dollar takes hold.

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