EUR/USD at double support level
Currencies / Euro Dec 07, 2012 - 06:41 AM GMTBy: Forex_Blog
1) 38.2% retracement of the uptrend which took place between Nov. 13th and Dec. 5th.
And
2) 22-Day EMA support level.
On one side the strength of the recent upward move indicate that the momentum should carry the currency pair to some more highs but then a consolidation, especially considering the fact that Euro zone is not really out of the bearish outlook, cannot be ignored.
Chart 1 (38.2% Retracement):
Chart 2 (22-Day EMA)
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