EUR-USD Technical Analysis (29 March 2009)

Based on the past historical patterns, it is likely that the euro-dollar pair will make major side ways trends that eventually will end up with at least 3 peaks and make up downwards triangle on the weekly time frames. This is very popular trends that usually happens in the minor time frames like 4 hourly. However this time it happens on the major weekly time frames. The overall long-term trends still show strong bearish indication. This is supported by technical indicators as follow.

Monthly Moving Average Convergence/Divergence (MACD): Downwards

Resistance level is supported by Weekly MACD and Slow stochastic is moving upwards in weak direction. This has resulted the market is trying to resist the fall as you can see the movement is heading sideways in gradual fall (triangle). In the end when the resistance is becoming weaker and weekly MACD or slow stochastic is also heading downwards, then continuation of the bear is begin again.


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