Translate

Wednesday, March 16, 2011

EUR/USD - Headed for 141.12

The expanding flat correction ended at 138.52 (right in the middle of my range). We are currently trading around the mid-line og the Andrews Pitchfork, a break above this line should accelerate us higher towards at least 141.12.

Short term I expect support in the 139.30 -139.50 area for a break above 140.13, which should provide power enough to accelerate us towards 141.12.

The bearish case got a hit yesterday with the break above 140.03. If the 140.37 high is broken too, the bearish case would be of the table.

No comments:

Post a Comment