the daily analysis for forex market 17/3/2014 *LINK* *PIC*

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EURUSD's upward movement from 1.3477 extended to as high as 1.3966. Key support is located at the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 1.4000 area. Only a clear break below the trend line support could signal completion of the uptrend

GBP/USD

still in downtrend

GBPUSD remains in downtrend from 1.6822. Deeper decline would likely be seen, and the target would be at 1.6500 area. Resistance is at the downward trend line on 4-hour chart, only a clear break above the trend line resistance could trigger another rise towards 1.7000.

USDJPY is facing 101.20 support, a breakdown below this level will signal resumption of the downtrend from 105.44 (Jan 2 high), then the following downward movement could bring price to 98.00 area. Resistance is at 101.90, only break above this level will indicate that lengthier consolidation in the trading range between 100.75 and 103.76 is underway, then next target would be at 103.00 area.

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