Sunday, March 20, 2011

EUR/USD ~ Update ~ 20 March 2011

The EUR/USD bounced from the 1.38ish support area, hit the 1.40ish resistance several times again and eventually broke above it late last week.

As mentioned in my last update after 1.40ish the next objective is 1.43ish. We're already almost there and 1.43ish is a very strong resistance so I don't think that the Euro will go much higher. I.e. I expect 1.43ish to be at least an intermediate term top (I'll have some targets for the correction as soon as the top is confirmed).

If we do break the 1.43 resistance though 1.50 is my next target.