EURUSD Outlook | Written by ActionForex.com | Mar 09 11 07:51 GMT
Daily Pivots: (S1) 1.3848; (P) 1.3918 (R1) 1.3975; More.
EUR/USD's retreat from 1.4035 is still in progress and deeper fall might be seen. But still, strong support should be seen from near term rising trend line (now at 1.3804) to contain downside and bring another rise. Break of 1.4035 will bring rally resumption towards 1.4281 key resistance next. However, sustained trading below the trend line support will argue that whole rebound from 1.2873 is possibly completed and will bring deeper decline to 1.3472 support instead.
In the bigger picture, as long as 1.3427 support holds, we'd favor the case that rise from 1.2873 is extending rebound from 1.1875. Also, that would mean that we're favoring the case that medium term correction 1.6039 was completed with three waves down to 1.1875 and the long term up trend might be resuming. Break of 1.4281 resistance will further affirm this case and target 1.5143 resistance and then 1.6039 high. However, break of 1.3472 will leave the whole rise from 1.2873 in three wave corrective structure, which in turn indicate that fall from 1.4281 is not finished and will turn favors back to the bearish case for at least a test on 1.2873 support.
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