Thursday, April 30, 2009

Daily Outlook for EURUSD


Attached is the 1H chart of EURUSD. As expected, EU had a nice pullback yesterday and it went down to its strong support at 1.3184. After going down , it again managed to rise back which means that there could be some more strength in EU.

But there is huge resistance for its upmove at around 1.3360. This is a place which has several highs from a few days back and also much earlier and hence should provide a very strong resistance. But the way that EU has pulled back from its visit to 1.3184 makes me suspect that it could have some more strength left in it.

But i would not be thinking of any longs in EU unless and until 1.3360 is broken cleanly. So on the upside, the targets are 1.3305 and 1.3360 and if these are broken, we could go all the way to 1.37 over the next few days.

On the downside, the supports are at 1.3184 and 1.3123 and then at 1.3060.

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