March 18th, 2009

EURUSD found support yesterday ahead of the 61.8 of the 1.2833-1.3070 rise at 1.2924 as prices will continue to move higher towards the 78.6 of the 1.3328-1.2455 fall at 1.3141. A daily close above 1.3141 will see further price extension towards the January 21, 2009 high of 1.3328.  As previously mentioned, a daily open and close above 1.3319 will complete the fall from the December 18, 2008 high of 1.4718 at 1.2455, with prices then moving within a 1.3319-1.3854 consolidation zone before another attempt to the downside. For the session ahead, look for further upside extension with 1.3110 and 1.3141 as the next objective while short term support at 1.2956 holds. 

We will have more updates