Sunday, April 19, 2009

Weekly Outlook for EURUSD



Attached are the daily and weekly charts for EURUSD. As can be seen from the weekly chart, EU broke thru strong support at 1.3184 this week. So, the coming weeks should see a retracement towards 1.318 and then the fall should continue. If the fall does continue, from the daily chart, we can see first support at 1.2950 and then it could go down to 1.27.

I am not sure it will go up too much but if it does start to go up, it should face strong resistance at 1.3184 as it is both a daily as well as a weekly resistance.

No comments:

Post a Comment