December 23, 2009 7:23 AM
EUR/USD in consolidation between major moving averages
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The EUR/USD is in a period of consolidation as it looms just above the 200 day MA (1.4196). The pair has been running sideways unable to break below mid term support at the 1.4235 area. Above this the 100 hour moving average is pressuring the pair at 1.4312. This gives traders two targets to break through to help with trading descisions this morning. There are also a slew of economic releases due out at 8:30am and this may spur the pair to action.
If the pair moves to the downside, expect a test of the 200 MA and volatility at this level. Long term support areas below this level are seen at 1.4005 and 1.3750. Failure to move lower, could seen the pair higher and resistance levels will be seen at 1.4300 and at 1.4445 areas.
- Plosser says no need for further policy accomodations
- Retail Sales: Weaker headline, Better Ex Auto. Revisions not so good. Dollar higher
- US Import Price Index at expectations while Advance Retail Sales higher yet lower than expected
- BOE’s King says UK inflation to fall to around 2% by the end of 2011.
- ZEW comments
- Eurozone ZEW -8.1 (-32.5 prior).
- UK CPI Jan (y/y) 3.6% as expected.
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