The Euro reached the low point against the Dollar on March 4th with a price at 1.2456. Since that date the pair has had a strong bull run moving all the way to 1.3072.
Will this run continue or is this just a short term rebound?
Before we can say either way we should look at the key resistance level of 1.391 which the pair was not able to break on February 9th. So watch that level closely, if the pair can break that level we could see more gains with a target of 1.3330.
However, if the pair bounces of the 1.391 level and goes lower we could continue our downward trend and break the March 4th Lows.
Eur Usd: Euro Made a Huge Run but How Long Will It continue?
DailyForex.com