Tuesday, March 24, 2009

EURUSD Running into Tight Cluster of Resistance

Global Stocks rally along with USD weakness brought EURUSD up.
However the psychological effect of the latest 'Bailout plan' might be losing steam in the end of the week. 
Charting of various geometric angles of Support & Resistance tells me that a pending second test of the 200 day MA (1.3872 now) may fail again as the parabolic upmove might lose steam in the cluster of Resistance trenlines.
I assume more Rangebound trading in the 1.3350 - 1.3750 area.

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