EUR/USD & GBP/USD UPDATED 03/24/11

EUR/USD

The Downside Correction towards the 1.4105 area, after setting a fresh 20-week high at 1.4249. The bear wave needs to push below 1.4153 in order to expose the 1.618 Fibonacci extension target at 1.4105, but downside risk is limited at this stage. Bulls still remain in control of the short term while 1.4105 holds, and a push above 1.4218 would open the 1.4249 high again. The Nov. 4 reaction high at 1.4283 is the main upside target. GBP/USD Tuesday's strength leaves GBP in a good position to extend the recovery through resistance at 1.6401. Tuesday's highest close since December 2009 suggests there is scope for further gains to the January 2010 lower reaction high at 1.6458, and 1.6500. Corrective weakness has scope to the 1.6293 area, and only below there would defer the bullish outlook. The content on this site is subject to change at any time without notice, and provided for the purpose of assisting traders to make independent investment decisions.YAKINKEYOFWEALTH has taken reasonable steps to ensure the accuracy of information on the website, but does not guarantee the accuracy, and will not accept responsibility for any loss or damage which may arise directly or indirectly from the content or your inability to access the Us or website , for any delay or failure of transmission or receipt of any instruction or notifications sent through this website.