EUR/USD Breaks Below The 200-Day Moving Average Support

March 3, 2013 in Chart Alert

+2
  

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.

EUR/USD daily chart with 200-day SMA

EUR/USD breaks below 200 day moving average support

Author Info

Profile photo of ForexAbode.com

ForexAbode.com's analysts provide Forex market analysis based on technical, fundamental as well as psychological aspects. Apart from the daily and weekly Forex outlook posted on the respective pages, the outlook and news are also updated on the blog section. ForexAbode analysis is also featured on some of the leading financial news and analysis sites. Please use the comment form below or contact us page for any comments, suggestions or complaints. You may also write to us at contact(@)forexabode.com by removing the brackets in the email address.

Contributor Contact, Accountability and Policies

0 responses to EUR/USD Breaks Below The 200-Day Moving Average Support

Leave a reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>