Technical analysis of EUR/USD for March 19, 2014
March 19, 2014 6:05 amVideo
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The euro has risen in what could turn out to be an
ending pattern. Based on the wave count below, we are in wave c of E up with
the upper line at 1.396. Will it stop there or not? Will it take a European
intervention to stop it? The Dollar index broke below the 79.5 mark, consolidating
near the lowest levels. A break below the recent lows showing continued
weakness in the dollar is going on. If the dollar goes into a collapse, trillions of the US dollars will start flowing out into other markets, then I am not
sure what it will look like. 1.396 is going to be an important level.
In
Asia, the pair is trading at 1.3928. The pair is holding above
the 21EMA in H4 chart. On the downside, support exists at 1.3910, 1.3891, 1.3862, and
1.3833. If the pair breaks the 1.3833 levels, it will drift to 1.3707. We can
expect a strong reversal to happen at the level between 1.3845 and 1.3833. On the
up side, if the pair trades above the 1.3966 level, we will see 1.4 and 1.41
levels.
Recommendation-
Longs are only above 1.3966, hold shorts and add more shorts below 1.3891.
The material has been provided by InstaForex Company – www.instaforex.com
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