Saturday, October 17, 2009

Next Week EUR/USD May Up or Down

The EURUSD has had one hourly bar close below the 100 hour MA today (1st hourly close below the moving average since 4:00 ET on October 12th).  This move was reversed in the next hour. However, 4 separate hourly bars have moved below this key moving average today. Is this an indication of a further correction for the EURUSD?
For those looking that way, the market did have a double top at the 1.4967 level yesterday and today.  That often leads to some selling and indeed we did see that today.  For the bulls, the move below and back above the 100 hour MA is signficant especially since the market has not been below thay key moving average since the 12th.  Another thing in the favor of the bulls is the inability to take out the lows from Wednesday or Thursday.  Those levels came in at 1.4839 and 1.4842 respectively

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