EURUSD Tests Fibonacci at 1.35

Published March 19th, 2009 - 01:40 GMT
Al Bawaba
Al Bawaba

The EURUSD has reached the 50% retracement of the decline from 1.4723.  Additional upside is certainly possible; to the 61.8% at 1.38 or the 200 day SMA at 1.39 (there is also a potential trendline near 1.39 for the next several weeks).  Today was also the largest % gain for the EURUSD ever (since 1999).  When the market gives you a gift, take it.  The point is, don't get greedy with longs...you may want to take some off of the table.