EUR/USD Finding Support Near 50% Retracement Level

January 6, 2013 12:16 am in Chart Alert

EUR/USD had a strong upward jump during November 13th and December 19th. Subsequent to that the current pair had fallen into a sideways mode. The recent fall had broken the 38.2% retracement as well as 55-day EMA supports. These both supports were almost at the same level. The current support is coming near 50% retracement of the same move. In case this support (near 1.2984/1.2980) breaks then the next support of 61.8% retracement is near 1.2908. Please check the following daily chart of EUR/USD.

EUR/USD daily chart

Tags: 38.2% retracement, 61.8% retracement, chart alert, eur/usd alert, eur/usd support levels

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Himanshu
Himanshu, by qualification a mechanical engineer with diversified experience of working in Europe and Asia Pacific, has been trading in Forex market for close to a decade. Himanshu also runs one of the fastest growing Forex portal ForexAbode.com which provides free Forex trading analysis, forecast & strategies, free trading tools, education, Forex Blogs and Forex Forum. Contact details: You may please leave your suggestions, comments or complaints using the comment form or write to us using the "Contact Us" page.

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