EURUSD ending on the positive side of the fence
Written by Greg Michalowski
May 18, 2012 at 19:52 GMT
May 18, 2012 at 19:52 GMT
The EURUSD is closing the week on the positive side of the fence. On the chart above the price moved higher on (I guess) comments from EU leaders (Monti/Hollande). The power of some well chosen words can do wonders on a Friday afternoon.
Anyway, the move higher improved the technical picture at the weeks close (after a pretty bearish week overall). In addition to staying above the 100 bar MA on the 5 minute chart, the surge higher moved (and closed) the price above the 100 hour MA for the 1st time since May 2nd (at 1.2742). That level will be eyed on Sunday evening (ET time) when the markets open again. On the topside, resistance on Sunday will come against the 200 hour MA at the 1.2842.
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