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The EURUSD Tests The 100 Hour MA Target

|Includes: Invesco CurrencyShares Euro Trust ETF (FXE)

The EURUSD (NYSEARCA:FXE) has been moving steadily to the downside and tests the 100 hour MA target at the 1.2731 level. This level should slow the decline on the first test at least. A corrective move should find sellers at the 1.2747-53 area. This is the 38.2% -50% of the last trend move lower in the pair (see 5 minute chart). IF the trend is to continue down, this area should solicit selling.

A break below the 100 hour MA should see increased selling interest with the 1.2715 (broken trend line from Friday (see chart above) the next target. 1.2705 is the 61.8% of the move up from Friday's low.

http://www.forexlive.com/blog/2012/05/21/the-eurusd-tests-the-100-hour-ma-target/