FOREX EDUCATION AND ANALYSIS: EURUSD Attacks Key Confluence Zone

Wednesday, March 02, 2011

EURUSD Attacks Key Confluence Zone

The EUR/USD is mounting another assault on the critical Fibonacci confluence zone of 1.3860 -1.4000 on the daily. A break above this level could signal a move to the 1.4276 level. The 1.4276 level represents the convergence of a significant confluence zone on both the monthly and weekly as well as the upper limits of a bearish channel on the monthly.

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