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EUR/USD tests channel midpoint

Thu, Nov 5 2009, 18:59 GMT
by Peter Ruud

Informa Global Markets


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.

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