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Commodity traders speculating in the Euro Forex Futures are watching the market consolidate between 1.2950 and 1.3046 for the last two and half days. The weekly chart (see chart below) of the Euro Currency Futures shows that the Euro is currently finding technical support in the vicinity of the 4week moving average (red – 1.2865), which I consider a pivotal area of technical support. You will also notice that the Euro is trading just below the 38.2% fibonacci retracement level (green line 1.3128). These two technical areas might be good gauges of longer-term momentum and areas that short-term traders need to pay particular attention to(in my opinion).View the Original article
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