EUR/USD: Breaks Higher, Tries To Climb
Marketprog | Mar 07, 2014 06:08AM ET
EUR/USD - Breakout attempt
Daily chart: Yesterday the Euro strengthened drastically against the USD and closed above the previous highs, possibly taking the currency pair to the 1,40-1,43 levels. This leaves us today with some opportunity, as it still has the chance the rebound from these levels.
In case the ECB remains adamant about the need for a weaker euro then it has to do something very soon, because the chart shows something entirely different from a technical point of view.
NZDUSD - Turn from 0,85
Daily chart: Since it reached the target prices the steep climb is now at a point where the strong resistances will most likely bar it from further advance at $0,8510. These resistances have proven to be strong previously, therefore a correction might be due once the currency pair reaches them.
In case the selloff happens it should not go lower than $0,84 as there are relatively strong supports to keep the NZDUSD from falling lower.
USD/JPY - At the resistance
4 Hour chart: The last couple of days were filled with lots of bullish candles, resulting in the currency pair reaching the trendline at 103 which acts as a resistance and is the top of the descending channel.
A short rest, and once the resistance zones at 103,2-103,4 are broken through we are looking at target prices of 103,6 and later 104,1.
A backtest is possible since this climb was indeed very steep, but this should not tke us lower than 102,7 or 102,2 depending on the intensivity of the correction
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