Euro USD: Euro Currency Futures: Night Market Update 3/17/10
Posted by: Richard Estrada // Category: Euro USD Futures
The Euro USD has broken through last week’s high (1.3796) and is running hard to the upside. The 60-minute chart of the Euro USD Currency Futures (see chart below) clearly illustrates the run above 1.3770 (which was the top of an area of concentrated volume gray rectangle), as well as the break above 1.3796. The question for currency traders tonight is when and or where does this train stop, or does it?
There are small pockets of technical resistance between 1.3809 and 1.3834, which you can’t see on the 60-minute chart. These may fall like dominos because of their close proximity to one another. So, pass 1.3838 where is the next level of technical resistance. I would say the 13-week moving average (1.3939) on the weekly chart could be considered the next level of credible technical resistance.
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Tags: currency futures, currency traders, Euro Currency futures, Euro USD