Wednesday September 17, 2008 - 09:34:32 GMT
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FX Blog - EUR/USD EXtends 1.42 PivotClick for information on GVI ForexAs posted on GVI Forex:GVI Forex
Jay 09:13 GMT September 17, 2008
EUR/USD: Extended its pivot of 1.42 to 4 days in a row today and
the bias setting level going forwards. The longer this pattern goes on,
the greater the risk of a directional move once broken. Note, there has been a higher low/higher high this week vs. last week.
Lows this week have been higher, between 1.4074-85, vs. the 1.3974 low
set last Friday. On the upside, the 1.4480 high set Monday is key
resistance, which paused just shy of the 20 day mva on that day. The 20
day mva comes in at 1.4439 today and is the key indicator on top as it
has acted like a steep trendline in the sharp eur/usd downtrend.
Carry crosses remain the driver in this market.
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