EURUSD Weekly Summary: Re-testing triple bottom formation as bullish momentum wanes, potential target at 1.3100

By swibowo
20 March 2010 @ 12:55 am EDT

The EUR/USD failed to continue the bullish momentum this week. After attempted to push higher, topped at 1.3817, price fell on Friday, bottomed at 1.3502 and closed at 1.3528. On daily chart below we can see that the bullish channel which formed after price made a triple bottom formation around 1.3450/35 area has been violated to the downside indicating potential bullish failure. The triple bottom area at 1.3450/35 region should be the key support level at this phase. Break below that area confirms the bullish failure and continue the major bearish scenario targeting 1.3100 area. On the upside, only break above 1.3850 area could continue the bullish scenario targeting 1.4020/50.

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