Progesterone is produced by the corpeus luteum (the ruptured folicle that carried the mature egg) after ovulation. Progesterone helps prepare the lining of the uterus for implantation if it is to occur, and it is one of the major hormones that sustains pregnancy ESPECIALLY through the 14th week or so.
Progesterone levels should be high during your luteal phase (the days from ovulation to menstruation), and you should have at least 10 full days in this phase. If implantation occurs, high levels of progesterone keep the pregnancy intact. If progesterone diminishes, that signifies to the body that implantation didn't occur and to make estrogen and bring on menstruation.
What they are looking at, is the level of progesterone production, and if it is maintained for enough days after ovulation for implantation to occur, and maintain an early pregnancy. Sometimes women have a progesterone production problem and either do not have a sufficient luteal phase (9 or fewer days) or they do not continue producing progesterone after implantation has occured.
Yes if your progesterone levels continue to be high after your expected period then chances are you could be pregnant. In fact, people who chart Basal Body Temperature are charting the effects of progesterone on the body (one of which is increase BBT)... High temps will continue up to and beyond the expected AF if pregnancy has occured. This should show up fairly clearly on a BBT chart.
Good luck to you!