Wednesday, March 30, 2011

EUR/USD 1,4090

Euro pullback from 1.4125 high on Asian session has been contained at 1.4060 ahead of the European session opening, and the pair unable to regain 1.4100, remains trading sideways, half way through the week's range.

On the upside, immediate resistance lies at 1.4120, and above here, 1.4150 (Mar 29 high) and then at 1.4200/20 (Mar 23,24,25 highs). On the downside, support levels lie at 1.4050/60 (Mar 29 low/session), and below here 1.4020/25 (Mar 28 low/20-day SMA) and 1.3975 (Mar 18 low).

On a wider perspective the pair is developing a small triangle pattern between upside trending support line from Jan 10 lows, currently around 1.4025, and downtrend resistance from March 22 high. The Apex of the triangle would be on April 6.

source: fxstreet.com

9 comments:

  1. Curious to see how April unravels based on these projections.

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  2. Not much of a finance guy, but seems legit.

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  3. I wonder how long it will take for the euro to just take over.

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  4. seems like a lot of resistance

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  5. Interesting. Thanks for the update.

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