EUR/USD - Weekly Analysis For March 16-20

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EUR/USD - Weekly Analysis For March 16-20

By James Chen on March 15, 2009 | More Posts By James Chen | Author's Website

EUR/USD (a daily chart of which is shown) made some significant gains in the past week, breaking out above a parallel downtrend channel within the context of a general downtrend. The key level to watch for on this pair as we move into the upcoming week of March 16-20 is 1.3000.

A further rise to this price region and beyond can still be considered corrective and easily within the bounds of a typical bear market retracement. But any substantial break above this level could be cause for some concern among the long-prevailing EUR/USD bears.

If this occurs, the 1.3300 price region is a logical resistance target to the upside. Any turn/reversal at or near the key 1.3000 level, on the other hand, should be a significant bearish signal, and could subsequently target the major 1.2500 support level once again.

A strong breakdown below 1.2500 would confirm a bearish trend continuation.

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