Forex Chart Alert – EUR/USD Failed To Sustain The Momentum
April 27, 2013 10:42 am GMT+0 in Chart Alert
EUR/USD had gone as high as 1.3201 after a break over 200-day moving average resistance but could not sustain. The upward move had come after some struggle near 38.2% retracement of the downward move from 1.3711 to 1.2745. These two points were covered in this previous EUR/USD alert.
The currency pair was unable to sustain above these both resistance and fell before testing the 50% retracement of the above mentioned move. The fall took it below both, the 200-day moving average as well as the previous resistance of 38.2% retracement level. These two levels are now acting as resistance.
The charts below indicate the above observations.
EUR/USD and 200-day moving average
EUR/USD and Fibonacci retracement levels
You may also like to check this weekly forecast of EUR/USD.