Forex Trading: Pause In EUR/USD’s Dramatic Bullish Run

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Forex Trading: Pause In EUR/USD’s Dramatic Bullish Run

By James Chen on March 20, 2009 | More Posts By James Chen | Author's Website

Remarkably bullish price action in the last two days on EUR/USD, a daily chart of which is shown, has extended its reach all the way up to a key downtrend resistance line extending from the second test of the 1.6 record high. Around this line, resistance has held and the bullish price run has stalled, as of Friday (3/20/2008) morning.

A full-fledged retreat from this trendline should meet strong support once again around 1.3300. Any subsequent breakout above the current downtrend line should meet immediate resistance in the 1.3850 support/resistance region.

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