EUR/USD Classical 03.14
EUR/USD:Despite the latest recovery back above 1.3900, we would not get overly bullish at current levels, with the market stalling out by the 78.6% fib retrace off of the latest 1.4035-1.3750 move just ahead of 1.4000. We would recommend looking to see how the market settles on Monday for a clearer directional bias. Inability to close back above 1.4000 would once again open the door for a potential pullback towards and eventually below 1.3750, while a close back above 1.4000 would most likely open the door for a full retracement back to the November 2010 highs by 1.4280
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
If you wish to receive Joel's reports in a more timely fashion, e-mail firstname.lastname@example.org and you will be added to the "distribution" list.
If you wish to discuss this topic or any other feel free to visit our Forum page
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.