Technical analysis of EUR/USD for Mach 13, 2014





EUR/USD remains in uptrend from 1.3477, the fall from 1.3915 could be treated as consolidation of the uptrend. Key support is at the upward trend line in 4-hour chart. As long as the trend line support holds, the uptrend could be expected to resume, and the next target would be in the 1.4000 area. Only a clear break below the trend line support could signal the completion of the uptrend. In the daily chart, the pair was facing stiff resistance at the level of 1.3915. The next up move happens only above the level of 1.3915 for 1.40. During yesterday's trading session, we recommended a buy call above the level of 1.3877 with targets at 1.3898, 1.3915, and 1.40. We are waiting for the final target. On the downside, a move below the level of 1.3880, the price will fall to 1.3860, 1.3833, 1.3812, and 1.3782 (intraday). A fresh breakout is only above 1.3964 for 1.40 and 1.4171. Intraday recommendation-
Buy above 1.3915 with targets at 1.3664 and 1.40.
Sell below 1.3880 with targets at 1.3860, 1.3833, 1.3812, and 1.3782.



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