Forex Signals

Price action on EUR/USD (a daily chart of which is shown) as of Thursday (3/24/2011) has bounced from the 1.4052 price level after correcting/retracing from its 1.4247 high hit earlier in the week. The level at which price bounced is also around the 38% Fibonacci retracement of the last bullish run (from the 1.3751 low to the noted 1.4247 high). This price action occurs within the context of a clear and consistent uptrend support line. For more technical analysis on this currency pair, please click here for Thursday’s (3/24/2011) Chart of the Day.

James Chen, CTA, CMT

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