EURUSD Weekly: Bearish continues, potential target around 1.3490 next week
January 30, 2010 - 1:30 pm by FX Instructor · Leave a Comment
The EURUSD had a significant bearish movement this week, fell below 1.4000 key support level and bottomed at 1.3862.
On daily chart below we have a nice bearish channel indicating a valid bearish trend which started since December 2009.
I am expecting bearish continuation next week. Initial support is seen around 1.3800 – 1.3750 area (50% Fibo retracement of 1.2457 – 1.5144).
Break below that area should trigger further bearish momentum targeting 1.3490 area (61.8% Fibo retracement of 1.2457 – 1.5144). On the upside, immediate resistance at 1.4000/30 followed by 1.4126/50 area.
Have a great weekend and see you guys next week!
Setyo Wibowo
fxinstructor.com
