-
Morning technical analysis – 25 March 2014
EURUSD Despite having a good couple of days, I’m not convinced that the retracement in this pair has been completed. The pair rallied since finding support from the 61.8 fib level, 27 February lows to 13 March highs, but at the moment, this is looking more like a correction in the short term downtrend, rather than a continuation of the uptrend. As you can see on the 4-hour chart, the pair broke through the neckline of a double bottom, prompting a move towards 1.3875, based on the size of the formation. This level coincided with a previous level of support. Once this had been completed, the pair started heading ... (full story)