EUR/USD 1.3652 - 23 March
EUR/USD Open 1.3622 High 1.3732 Low 1.3536 Close 1.3575
Weakness of the Dollar continues to grow as the Euro gained over 700 pips for the last 3 business days. The currency couple broke the resistance at 1.3650 - which is 51.8% Fibonacci correction of the wave 1.2461 - 1.4713. Nearest resistance level is seen at 1.3780, followed by 1.3900, which is 62.6% of the above correction. In the opposite direction the Euro/Dollar is likely to remain under pressure for the coming days, but the medium term trend remains positive, if the Euro overcomes the 1.3780 resistance, with targets towards 1.4150 and 1.4330 in the coming weeks. Downwards the Euro is supported by 1.3550, 1.3420 and 1.3110 levels.
Technical resistance levels: 1.3780 1.3900 1.4150
Technical support levels: 1.3550 1.3420 1.3110
Trading range: 1.3640 - 1.3705
Trend: Upward
Buy at 1.3652 SL 1.3622 TP 1.3692
EUR USD Technical Analysis 23 March 2009
DailyForex.com