Wednesday, November 4, 2009
11/04 - EUR/USD tests channel midpoint
The EUR/USD found support near the 50-day MA, forming the base of a 3-month bullish channel. The 40 level on RSI provided support once again, allowing a test of the bull channel's midpoint near the 1.49 handle. A failure here could provide an opportunity to retest the 50-day MA & channel support at 1.4655/85. Clearance suggests a retest of recent highs made in October.