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Feb 13, 2012 09:43PM GMT
     
 
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EUR/USD-Finally Breaks 1.3800. Next.

By   |  Technical Analysis  |  Mar 17, 2010 11:36PM GMT
 
 

The following is your daily EUR/USD outlook for March 18, 2010.

The pair finally did break above 1.3800 Wednesday, did a quick stop clear to just below 1.3820 and then retreated, currently trading at 1.3735.

As I pointed out yesterday the break of 1.3800 was almost inevitable, and the bias remains to the upside.  Targets are: 1.3840, 1.3920 and 1.3940-1.3960.

The breakout didn't have much conviction, but the pair continues to make higher highs, albeit in a choppy fashion.  Now we need to see if it can put in another higher swing low.  As long as the pair remains 1.3640 the bias remains to upside.  A drop below this support level indicates a move test further support at 1.3620, 1.3540 and range lows if 1.3520 is penetrated.

Cory Mitchell, CMT

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