Forex Chart Alert – EUR/USD Breaks Below The 200-Day Moving Average Support
March 3, 2013 10:53 pm in Chart Alert
On last Friday EUR/USD not only broke below 1.2997 but also broke the 200-day moving average support. Though the weekly closing was slightly above the 200-day SMA but the today’s trading session started with another break below that support.
During mid-November 2012 the 200-day SMA level had proved to be a very strong support and the price had gone as high as 1.3711 from there. The breaks of the above mentioned supports suggest that we can see some further deeper declines towards 1.2876. On the upside resistance should come near 1.3068/1.3085. Please check the daily chart of EUR/USD.