February 8, 2010 3:08 PM
EURUSD looking for direction. Testing the support levels
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The clues from the market suggest the price is due for a directional move. The 100 and 200 bar movin average are getting closer (within 7 pips - blue and green lines above). There is an uptrend line the market is testing but can not get through, and the the price action is consolidating. The 100 bar MA comes in at the 1.3678 level. The 200 bar comes in at 1.3671. The trendline comes in at 1.3667.
The price has moved below the 100 bar MA and the 200 bar MA but held the trendline. The bias is down but is dependent on breaking that 100 bar MA to confirm the bias. A move back above the 100 bar MA would be a disappointment but is congruent with the market today.
If the price should move above the 100 bar MA, the 1.3688 level is the last high and a prior support level. This would be the next confirming target on the upside. Above that comes the high for the day at the 1.3713 level.
- 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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