EUR/USD Trading Forecast

By IBTimes Staff Reporter | January 07 2010 2:31 AM

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EUR/USD closed higher on Wednesday as it consolidates above the 10-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If it renews the decline off December's high, the 38% retracement level of the 2008-2009-rally crossing is the next downside target.

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