EUR/USD: Outlook Is Bullish
Trend Recognition | Mar 24, 2014 03:47AM ET
EUR/USD: 1.3793
Short-Term Trend: weak uptrend
Outlook: EUR found resistance just abv the 1.3921 Fibo level and pulled back last week. So far the pullback has found support at the small trendline drawn on the chart, so the main focus remains on the upside. However, a firm move below 1.3720 will signal the current upmove has likely ended. And, we should keep in mind that if the current upmove ends, it will likely signal the end of the entire upmove from the July 2013 low. So, while the current outlook is still bullish, we have to be more careful as an important top might be already in place.
Strategy: The long from 1.3630 was stopped out at 1.3760. Stand aside now.
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