FX.co ★ EUR/USD candlestick analysis for March 30, 2011

EUR/USD keeps on being traded in an uptrend. This currency pair is still capable of testing 1.4278 resistance level in the closest time. Earlier on the intraday chart EUR/USD shaped a Bullish Engulfing candlestick combination which is an explicit signal to growth.
Such a candlestick combination points to the growth of the pair continuing for several weeks. However, there was a rollback registered at 1.4035 level which was a good opportunity to start buying.
Further upside movement is supported by the fact that the uptrend remains.
Break of the resistance level 1.4035 proves this viewpoint. Now we should expect upside movement to the resistance level 1.4278.
It is worth mentioning that stop loss orders should be placed slightly below 1.3850 as a break of this level will denote that the uptrend is broken.