Forex Technical Trading Update March 14 2011
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The Daily Trader update provides technical analysis of major currency pairs and forex market conditions at the time of the post. The support and resistance levels posted and current market price could be dramatically different from what you are seeing at the moment.
EUR/USD – Current 1.4000
Overview – Daily trend has been pressing higher since the beginning of 2011. However, previous congestion viewed on the weekly chart between 1.3950 and 1.4100 in 2008, 2009 and 2010 is providing a range of resistance that could eventually indicate a reversal zone. As long as this pair holds under 1.4100 I will be watching for technical indications of reversal.
Resistance – 1.4085 / 1.4150 / 1.4225 / 1.4290
Support – 1.3900 / 1.3860 / 1.3825 / 1.3760
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GBP/USD – Current 1.6175
Overview – Weekly resistance viewed in the mid to upper