EUR/USD – Approaches Range Lows, But No Break

The following is your EUR/USD outlook for March 23, 2010.

On Monday the pair bounced off 1.3460 and this level may provide support again.  If not we have range swing lows between 1.3450-1.3430.  If this area is reached a slight penetration of area, without an actual break, is a high probability due to the market indecision.  If a breakout does occur, I prefer to wait for the fist pullback.  If that pullback is held off by the former range lows the breakout has a much greater chance of being legitimate.

Target, if the market breaks down below 1.3430, is 1.3060.

Prior to the range lows minor support comes in at 1.3540 and just below 1.3500.

Minor resistance comes in at 1.3570 with further resistance at 1.3600-1.3630 and 1.3660.  Resistance continues through to 1.3700.  A push through this level puts range highs in sight and may make another re-test of the highs likely (but that will be looked at tomorrow if the market does in fact go higher from here).

This pair remains in a sideways consolidation in a longer term downtrend.

Cory Mitchell, CMT

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