EURUSD Weekly Summary: January 23
January 23, 2010 - 11:43 am by FX Instructor · Leave a Comment
EURUSD Weekly Summary
The EURUSD corrected higher during an active market on Friday but overall the Euro remained under pressure this week. However the pair seems to have a strong technical support around 1.4000/30 area.
We need a clear break below that area to continue the bearish scenario targeting 1.3750.
On the upside, key resistance level is seen around 1.4250 area. As long as price stays below that area, the bearish scenario which started from December 2009 should remain intact.
Break above the 1.4250 area should be seen as potential threat to the bearish scenario as price may continue the bullish correction further testing the upper line of the bearish channel and 1.4450 resistance area.
Have a great weekend and see you guys next week.
Setyo Wibowo
fxinstructor.com
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