EUR/USD Technicals - Will She Or Won't She ?
EUR/USD Weekly Chart
What the Chart says
- The weekly chart above shows EURUSD is struggling near long term downtrend line resistance of 1.38
- Pair had broken above the falling trend line resistance level as shown by third and fourth last candles - i.e. First two week candles march month
- However the pair has failed to sustain above the falling trend line having re entered in subsequent weeks
- If the pair fails to end above the falling trend line resistance of 1.38 today, it would mean failure of EUR/USD to end above falling trendline on monthly chart despite having ended above 1.38 for couple of weeks in March
- If the pair ends today above 1.38, it would mean successful breach of long term falling trend line that begun from 2008-2009 on monthly chart.
If pair ends today (March month) above 1.38
- Buy EUR/USD @ 1.3750-1.3850 Target 1.43 Stop loss 1.3600
If pair ends today (Mach month) below 1.38
- Sell EUR/USD @ 1.3750-1.3850 Target 1.32 Stop loss 1.4050