WorldWideMarkets Community

Forex Trading, Market News & Technical Analysis

Euro/dollar Support Around 1.3330

Posted by WorldWideMarkets . on Nov 12, 2013 3:07:00 AM

Euro/dollar holds 100-day simple moving average at 1.3347 after three tests but since the shock ECB announcement on November  7 has lost around 1 percent.

Interestingly even before the announcement it was struggling going from over bought on October 28, using the 14-day exponential relative strength index print, to over sold on November 1 where it has basically stayed. The peak of 1.3832 on October 25 is going to become resistance but support appears around 1.3330.

Look for the euro to stay steady to lower and if the 100-day SMA fails on a closing basis, the euro will start to target 1.3000.  Euro/dollar last at 1.3389. euro resized 600

 

Tools & Educational Resources

Forex 101LEARN MORE >>
Learn the basics of Forex and how to practice trading the markets.

GlossaryLEARN MORE >>
Confused by the language? Click here and search for key trading terms.

FAQ CenterLEARN MORE >>
Browse our frequently asked questions and find your answers right away.

VideosLEARN MORE >>
Access to the educational lessons, webinars and platform walkthroughs.

READY TO TRY THE MARKETS?

Get started with a FREE $10,000 Demo Account and experience the Forex Market RISK FREE!