25.03.201110:28 Forex Analysis & Reviews: EUR/USD candlestick analysis for March 25, 2011

Long-term review

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The bulls took advantage of a slight decline and pushed the EUR/USD pair up again. The pair might test the resistance level 1.4278 in the nearest time.
Earlier on a daily graph the EUR/USD pair formed a Bullish Engulfing candlestick combination, indicating upside movement.
This combination shows that the pair was advancing during several weeks. However, a rollback took place near the 1.4035 level, which provided another buy opportunity.
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 should be placed slightly below 1.3850 as a break of this level will denote that the uptrend is broken.

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