EUR/USD Technicals - Will She Or Won't She

EUR/USD Technicals - Will She Or Won't She ?

EUR/USD Weekly Chart

What the Chart says

  1. The weekly chart above shows EURUSD is struggling near long term downtrend line resistance of 1.38
  2. 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
  3. However the pair has failed to sustain above the falling trend line having re entered in subsequent weeks
  4. 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
  5. 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

Views: 198

Comment by George Sofianos on March 31, 2014 at 11:48am

Great article Omkar, thank you, this is the beauty of technical analysis when a single day can give you insight for the caurse of the next months

Comment by Omkar Godbole on March 31, 2014 at 3:55pm

You are welcome my friend

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