For the Week of March 20-25, 2011

EURUSD’s broad outlook remains bid as the rise from the January 10, 2011 low of 1.2873 continues to unfold targeting 1.4281, 1.4613, 1.4819, 1.4985 and 1.5151 into the months ahead. As to the downside, ONLY a daily open and close below 1.3683 will complete the rise from 1.2873 while the March 18, 2011 high of 1.4182 caps as as further downside correction will likely follow targeting 1.3528 and 1.3373.

Nearterm, the impulsive wave from the March 11, 2011 low of 1.3751 remains active and has reached 1.4182 (March 18, 2011 high) with 1.4210 and 1.4281 as the next objective. ONLY a daily close below 1.4025 will complete the rise from 1.3751 with further downside correction likely to follow targeting 1.3973 and 1.3920. For the week ahead, look for further rise targeting 1.4210, 1.4281 and 1.4344 while 1.3901 supports.