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Where we are in the currency market right now?

Posted on March 20, 2009 at 4:05 in Market comments by David Aranzabal

As I mentioned this morning in the “Starting the day” post the dollar has continued to weaken. The moves in the currency and commodity markets indicate that the Fed’s actions will have a lasting impact on the financial markets.

The Eur/USD has now rallied for 8 consecutive trading days, but where we are right now?

Let´s go to the EUR/USD daily charts and we can realized that at the beginning of the month we had the first signals of the turnaround. Divergence in MACD and a 123 formation were the clues for joining the bulls. The reversal has been very sharp so we have to consider the next support / Resistance levels.

We can expect some retracement because the price is overbought and the 1,33 - 1, 34 level could act as support. On the other hand the 61,8 % fib. retracement is the next resistance area and it were be rare if the price hits that level without some previous retracement.

EUR/USD daily chart:

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Tags: EUR/USD

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