The EURUSD went for a wild ride on Wednesday's trading. The pair managed to rally following confirmation of Obama's victory and appeared set to break higher towards the 1.30 area. Then news of a slowing German economy and protest in Greece drove the Euro lower. The decline accelerated into the New York open to test significant support at the .382 fib at 1.2735. The pair is now once again below the 200 day MVA at 1.2835. The price action around these level will be telling. A hold of the 1.2735/50 zone could produce another test of the top of the range at 1.2885. If the pair can manage to break below the .382 fib a move towards the 50 fib at 1.26 could be in play.
Keep in mind the ECB Rate decision and press conference are due Thursday starting at 7:45 ET.
Sup 1.2750/35 (1.2735 .382 Fib) 1.26 ( 50 Fib)
Res 1.2885
Keane Plan...Watching Price Action around the 1.2750/35 for a hold or break.
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