The EURUSD gapped higher after the Peoples Bank of China announced revaluation of its currency. The gap open took the pair above the May 28th high at the 1.2452 level. However, the market quickly found profit taking sellers and has corrected nearly 61.8% of the move up from Friday’s low. That level comes in at the 1.2395 level. The low came in at 1.2397. Look for support buyers against this level with a break likely to lead to further selling. On the topside watch 1.2408-16 level with a break above likely to reassert the upside momentum.Monday, June 21, 2010
Forex Trading: EURUSD Gaps Higher But Runs Into Profit Taking Sellers. 1.2395 Support
The EURUSD gapped higher after the Peoples Bank of China announced revaluation of its currency. The gap open took the pair above the May 28th high at the 1.2452 level. However, the market quickly found profit taking sellers and has corrected nearly 61.8% of the move up from Friday’s low. That level comes in at the 1.2395 level. The low came in at 1.2397. Look for support buyers against this level with a break likely to lead to further selling. On the topside watch 1.2408-16 level with a break above likely to reassert the upside momentum.
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