EUR/USD Targets Psychological Level at 1.3000

By: MIG Bank | Thu, Mar 15, 2012
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EUR/USD remains under pressure after resuming its sharp decline beneath key level at 1.3436 (50% Fib Oct/Jan decline) and triggering multiple reversal patterns.

The bears need to close decisively below 1.3000 (psychological support), in order to open further downside risk into 1.2630 (16 Jan swing low).

Only a confirmation back above 1.3291 (09th March high) and 1.3436/60 unlocks an extended recovery into our upside target zones at 1.3630 and 1.3650 (200-day average).

Inversely, the USD Index is holding steady after extending its latest rebound from key support at 78.25.

Expect this level to act as one of the last points of defence for a relaunch of the greenback's recovery which is still part of our bullish cycle strategy for a further 20% gain over the multi-month period.

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MIG Bank

Author: MIG Bank

MIG Bank

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