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EURUSD Daily Forex Analysis: 1.3750 Target Reached
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Ok, let's hear from everyone that took small long positions last night on the break towards 1.3750. The target was reached in early US trade and after a messy beginning the pair took the target out in bullet like fashion. Now that the the pair has reached the target and more, (1.3838 high) a failure here may take the pair back to 1.3600 in the next few sessions. The 1.3750 marke was teh 38.2% fib Retracement of the 02/03/10 high to the 02/05/10 low. the 1.3808 line is the 50% retracement of that same move. That could be the failure point for the pair.

Today's move higher barely brings the daily chart out of oversold territory with the RSI(14). I would expect a move to a limited high in the 1.3900 area to help relieave the oversold status a bit more. THe bias is still for more USD strength in coming days and weeks. The trend for the pair is down and only a break above 1.4025 would put that trend in jeopardy. I will be looking for opportunities to fade rallies in the coming days. Price action is currently having trouble stayng on top of the 1.3800 line even though it has definately broken higher then that mark today. My initial targets on the down side wil be 1.3680/90 with another target lower in the 1.3600 area. I will be staying away form long term longs at this point.

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