EURUSD OUTLOOK FOR MARCH 2012

EURUSD’s witnessed a high of 1.3484 in February, just a few pips above rour foecast high of 1.3435 (see February outlook) while the  fall from the 2011 high of 1.4939 remains active as ONLY a weekly open and higher close above 1.3508 will complete the fall from 1.4939 at the 2012 low of 1.2643.   Last month witnessed EURUSD low of 1.2973 and monthly high of 1.3484 as a daily open and high close above 1.3508 will witness further rise while a daily open and lower close below 1.2952 (61.6 of the 1.2623-1.3484 rise) will witness further price decline.  For February shorts,  lower stop to 1.3300 for further downside price extension in the days ahead targeting 1.3094, 1.2973, 1.2853, 1.2778, 1.2718 and 1.2657 for the month ahead.  As to the fall from 1.4246, this fall remains active as ONLY a weekly open and higher close above 1.3243 will complete the fall from 1.4246 at the January 2012 low of 1.2623.