The EURUSD Tests The 100 Hour MA Target
May 21, 2012 9:29 AM ETFXE
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The EURUSD (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/