Monday 21 March 2011
1.4285 SIGNIFICANT LEVEL ON EURUSD
The EURUSD appears to have made a significant technical break-up with regards to the recent patterns I have been highlighting. These patterns, if broken, suggested strong odds of a move to the high 1.4000s (around 1.48) in the subsequent weeks. However, first they face a major obstacle, which has the potential to not only stop the advance in its track, back to send the market into full reverse mode: This occurs around 1.4285/1.4300 which represents the confluence of the declining resistance line connecting the 2008 and 2009 tops, and the high of the Nov2010 spike high . (See chart below) ---Personally I still favour the move to the high 1.4000s scenario, but recognize that the potential for failure, or at least strong resistance at and around there is strong.....
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