Wednesday, March 18, 2009

EURUSD ready for its next challenge: $1.3215

2009 has not been kind to the EURUSD pair but the last week has seen some more positive action, particularly the push above $1.2900. The currency pair currently trades at $1.3032.

After a digging in at support of $1.2439 and rallying past resistance of $1.2972 The EURUSD is ready for its next challenge of $1.3215 resistance. Larger targets exist at $1.4405 and the highs around $1.5947 but one step at a time. Stops on break of near term lows of $1.2833 or new support at $1.2972.

Support/Resistance targets derived from the Zignals Support/Resistance tool set at '5'. Alternative EURUSD target at $1.3358; a case of support turned resistance.

The Support/Resistance tool can be found in our Zignals Stock Charting service.

Dr. Declan Fallon, Senior Market Technician, the free stock alerts, market alerts, and stock charts website