EUR/USD - Weekly Analysis For March 23-27

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EUR/USD - Weekly Analysis For March 23-27

By James Chen on March 22, 2009 | More Posts By James Chen | Author's Website

EUR/USD (a daily chart of which is shown) made some dramatic, fundamentally-driven moves to the upside last week, finally stalling at and retreating from around the 1.3730 price region towards the end of the week.

The price level at which momentum stalled in its latest bullish run coincides approximately with a key downtrend resistance line extending from the second test of the 1.6 region last July.

Does EUR/USD have the bullish momentum (and dollar bearishness) to continue up on its potential path towards 1.4 and possibly beyond, breaking significant resistance levels in the process?

The pivotal upcoming week of March 23-27 should provide substantial direction for the pair going forward. Likely, a bearish correction, or dip, within the latest bull run should occur before price potentially continues further to the upside towards major resistance in the 1.3850 price region.

In the event of this dip, strong support to the downside resides around the key 1.3300 price region.

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