EURUSD traders defining risk and limiting risk

Published 11/02/2011, 03:22 AM


The EURUSD in the NY session has tested the topside resistance at the 1.3822 Fibo level (38.2% of the weeks range). Now the price has tested support and held support at the 100 bar MA on the 5 minute chart at the 1.3773 level.  The price is now back above the 1.3800 level.  Traders will be eyeing the 1.3822 level again for a clue. A break above would next target the 1.3850 area. This level is the 38.2% of the move down from the high reached last week.



Traders seem to be defining their risk and limiting there risk against visual technical levels.

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