Forex4you Technical Analysis 17 March 2011

EUR/USD: Technical Analysis

EUR/USD has rallied strongly after completing a fulcrum bottom pattern overnight. The target for the end of the rally, taken from the 1.3870 lows was at 1.4005, which has already been surpassed. This could signify that the rally is now overstretched and due a correction. The exchange rate will probably drift back down, therefore, to 1.4000 before generating another directional move.

http://forex4you.ninjacdn.net/charts/EURUSD170311a.png

Analysis by: Joaquin Monfort
Forex4you analyst

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