Wednesday, March 25, 2009

EUR-USD Parallel Channel

EUR-USD Hourly chart showing channel formation.

Price has again found resistance at upper line. Shorts can be established at current levels or better with stop above the 0.382 retracement marked on the chart (upper yellow line) with a target of 1.32 or lower - the .236 retracement level and the area from where price gapped up a few days ago. Once the gap is filled, we can look forward to a resumption of the uptrend.