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EUR/USD - Accelerated Bullishness

Posted on May 22, 2009 at 14:32 in Analysis by James Chen

After breaking out above a couple of key resistance levels (at 1.3735 and 1.3900, see the earlier blog post here), price action on EUR/USD has reached all the way up to test and slightly surpass the 1.4000 psychological milestone, and does not look to be relenting much as of Friday (5/22/2009) morning. The pair is currently due for some kind of a correction within the context of the currently accelerated uptrend (extending from the low in late April). In the event of this correction, the broken 1.3900 support/resistance region should now serve as tentative downside support, followed by the 1.3735 region once again. A key upside resistance target on an expected upside continuation resides firmly in the 1.4300 price region.

10 Responses to “EUR/USD - Accelerated Bullishness”

on 22 May 2009 at 3:33 pm1zykas

Youe analysis is very helpful.Keep it up
on 22 May 2009 at 4:58 pm2James Chen

Thanks so much for your comment, Zykas!

James Chen
on 23 May 2009 at 1:39 am3Rashid C M

Yeah. This week supported euro throughout a heavy bullish momentum with no correspondent downside. The Daily Uptrend Target points to 1.4360 area as you said. I hope a pullback to 1.3740 area will occur before moving as high as that.
on 24 May 2009 at 5:39 am4Engr Md Israil Hossain

I am very glad to see a comments from an expart like you,since I am a new trader this is much for me. Thanks and regards. Israil
on 24 May 2009 at 5:43 am5Engr Md Israil Hossain

This type of comments would be very helpful for the new trader. Pls keep it as a continuous process. Israil
on 24 May 2009 at 7:00 am6Akbar

I agree with you, I think Eur/Usd is rising towards 1.6
on 24 May 2009 at 2:26 pm7James Chen

Hi Rashid,

Thanks for your comments and analysis!

James Chen
on 24 May 2009 at 2:27 pm8James Chen

Hi John,

Thanks for your very nice comments!

James Chen
on 24 May 2009 at 2:28 pm9James Chen

Hi Engr Md Israil Hossain,

Thanks for your comments. I’m glad you’re finding this blog helpful!

James CHen
on 24 May 2009 at 2:29 pm10James Chen

Hi Akbar,

Thanks for visiting and for posting your opinion on EUR/USD!

James Chen

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