General overview for 27/03/2014 11:30 CET

The pair is making first attempts to break out from the congestion area and any downside extension below the level of 140.00 is the first confirmation of further losses in this pair. Any upside rally should be capped by red trendline that should provide a dynamic resistance. The key level to the downside is at the level of 138.78 and a break out below this level is very important to the overall bearish picture.

Support/Resistance:

141.85 - WR1

141.16 - Weekly Pivot

140.32 - WS1

139.61 - WS2

138.78 - WS3 | Key Level|

Trading recommendations:

All swing traders should keep the sell positions open for now as the price is on very important level now and any further downside breakout will confirm more weakness in this pair.