As you can see from the charts, we had a gap as the FX markets opened on Monday in Asia. The gap was bullish in nature, and has since been filled by the Europeans, exactly as you would expect. It appears that we are winding up to try and break out of the 1.40 area as that is roughly where we finished for the day.
Any daily close above 1.40 signals renewed bullishness in this pair. We may drift back down to 1.38 as we try and collect more longs to make the final push. Any break down below the 1.38 mark has us looking for 1.36, and possibly even the 1.3450 mark.
More March 15, 2011 Analysis:
