End of the week, end of the month
What an amazing end to February in the forex market! The past two weeks have been challenging, with most currency pairs in choppy and ranging movements. But the past three days several currencies have broken out of their ranges and ended in record territory. I like to check out the monthly end charts to see the big picture. With US dollar weakness, all pairs with the dollar are really trending now. The EURUSD has ended the week and the month with a tall candle and not much wick. I will expect this pair to continue trending up, so any dips I will be buying. The new monthly pivot point will be around 1.4955 which is very very close to the previous high that was just blown through at 1.4966. So for the month of March, we could see a retrace to this area and then a bounce to resume rocketing. But the past three days have been so strong, it may not look back for several weeks. How high can this pair go? I am predicting 1.6000 could come soon (summer?) by using fibonacci extensions, I will continue to monitor potential targets while riding it up up and up. Meanwhile USDJPY has crashed through major support and now looks to the next low at 101.75. Wow!! Lets see if it gets there..The new monthly pivot point for this pair is 105.45, so I will be looking for a breach or resistance at this level for continued downmovement. That’s the big picture for March: keep selling USD..�