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The EUR/USD pair fell hard, and then snapped back during trading today. As the EUR/USD fell, we saw a bounce at roughly the 1.3850 level, and the action shows that we are more than likely going to blast through the 1.40 mark sooner or later. The fact that the Nikkei was down over 10% last night, and this pair managed to pick it back up, shows that it will probably overcome most obstacles in the near future.
Any close above the 1.40 on the daily chart shows a new rally. We have to close below 1.38 to consider being bearish, although the momentum is certain to the upside now.
More March 16, 2011 Analysis:
