Euro: Back To the Uptrend?

3/26/2008 EURUSD 60 Minute Bars

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Charts created using Intellicharts – Prepared by Boris Schlossberg

The EURUSD is dangerously close to taking out our stop at 1.5784 and near term price action certainly looks constructive for euro longs as the massive breakout from 1.5600 hints at further strength. However a failure at 1.5785 would only reinforce the bearish view with pair carving out a massive double top on the charts.

Visit our recently updated Euro Currency Room for specific resources geared towards this currency.

[B]STRATEGY[/B]: Bearish, against 1.5784, target TBD

3/26/2008 USDJPY 60 Minute Bars


Charts created using Intellicharts – Prepared by Boris Schlossberg

Yesterday we noted that, “as long as 100.00 holds our longer term 102.00 target remains intact as the pair continues confirm our bullish bias” Today the picture looks decidedly less friendly with 100 given way. The last bastion of support lies at 98.50 and should that give way, the pair likely to be headed towards our stop at 97.66

Visit our recently updated Yen Currency Room for specific resources geared towards this currency.

[B]STRATEGY[/B]: Bullish against 97.66, target 102

3/26/2008 GBPUSD 60 Minute Bars


Charts created using Intellicharts – Prepared by Boris Schlossberg

Cable flame out reversal at the 2.0100 level suggests that bearish bias remains entrenched Further move back to the 1.9900 level only reinforces the downside momentum catching late longs wrong footed. Out downside target remains in place and only a break of 2.1050 negates the downward bias.

Visit our recently updated British Pound Currency Room for specific resources geared towards this currency.

[B]STRATEGY[/B]: Bearish, against 2.0271, target 1.9540

3/26/2008 USDCHF 60 Minute Bars


Charts created using Intellicharts – Prepared by Boris Schlossberg

Yesterday we wrote that, “Although still bullish, USDCHF looks to be rapidly running out of momentum. The 1.0070 level now becomes key as near term support. A break there would suggest a distribution top that could cap near term momentum “ Today’s decidedly bearish price action indicates that the near term path for USDCHF remains down. 9900 level serves as final support to the pair and should it be breached our stop will become quite vulnerable.

[B]STRATEGY[/B]: Bullish, against .9868, target 1.07

3/26/2008 USDCAD 60 Minute Bars


Charts created using Intellicharts – Prepared by Boris Schlossberg
Having breached the 1.0100 level USDCAD now stands at critical juncture. As we noted yesterday, “a clean break at that barrier would expose the pair to a run all the way to 9880 swing lows set on 3/19/08.” Today may well be the resolution point for near term direction.

Visit our recently updated Canadian Dollar Currency Room for specific resources geared towards this currency.
3/26/2008 AUDUSD 60 Minute Bars


Charts created using Intellicharts – Prepared by Boris Schlossberg

Aussie looks to have staged a breakout of its 9150 resistance zone, but the price action looks timid and may well return to those levels to test them as support rather than resistance. A clean break of 9250 however, suggests a run to the 9350 recent highs.

3/26/2008 NZDUSD 60 Minute Bars


Charts created using Intellicharts – Prepared by Boris Schlossberg

Yesterday, we stated that “our bearish bias remains in place but clearly in danger of being challenged if the 8050 area sees an upside break.” The burst upward did occur but it appears to lack momentum. A failure here would only strengthen the bearish case as it will catch many of the late longs on the wrong side of the market. A push through 8100 however puts the bear argument in serious danger.

[B]STRATEGY[/B]: Bearish, against .8173, target TBD