Eur Usd Weekly Forecast

Easy Forex Strategy » Foreign-exchange » Eur Usd Weekly Forecast

Eur Usd Weekly Forecast

Author: forexpros | Total views: 258 | Word Count: 194 | Category: Foreign Exchange | Date: Mar 2nd 2009

Search for: forex, forex trading, eur usd

EUR/USD (a daily chart of which is shown) broke down below a key uptrend support line early last week, but by the end of the week retraced all of that breakdown move. Late Friday's price action saw the pair move back up above the uptrend line, settling in right around the 1.2800 price region. This last minute bullish retracement was both fast and unexpected, catching the heretofore prevailing bears off guard. What does the upcoming week of February 23-27 likely bring to this closely-watched currency pair? Although the bullish retracement at the end of last week was forceful, it can currently be considered simply a minor bullish correction in a prevailing overall downtrend. These small upside corrections have been peppered liberally within the downtrend that has been in place since the very end of 2008. Even a continued bullish move up to key resistance in the 1.3050 price region would not be enough to signal a significant trend reversal. To the downside, any subsequent move below the major 1.2500 support/resistance region should signal a downtrend continuation potentially targeting recent long-term lows around 1.2330.

Article Source: Easy Forex Strategy

About the Author

forex forex trading

Copy and Paste Article Code.

Remember: The article body, title, author bio and links may not be changed or removed. By publishing this article, you agree to all the terms in our Terms of Service.

EUR/USD (a daily chart of which is shown) broke down below a key uptrend support line early last week, but by the end of the week retraced all of that breakdown move. Late Friday's price action saw the pair move back up above the uptrend line, settling in right around the 1.2800 price region.   This last minute bullish retracement was both fast and unexpected, catching the heretofore prevailing bears off guard. What does the upcoming week of February 23-27 likely bring to this closely-watched currency pair? Although the bullish retracement at the end of last week was forceful, it can currently be considered simply a minor bullish correction in a prevailing overall downtrend.        These small upside corrections have been peppered liberally within the downtrend that has been in place since the very end of 2008. Even a continued bullish move up to key resistance in the 1.3050 price region would not be enough to signal a significant trend reversal. To the downside, any subsequent move below the major 1.2500 support/resistance region should signal a downtrend continuation potentially targeting recent long-term lows around 1.2330.   <br />Article Source: <a href="http://www.easyforexstrategy.com" target="_blank">Easy Forex Strategy</a><br /> About the Author:   <a href="http://composedarticles.co.za">forex</a><a href="http://creativearticles.co.za"> forex trading</a>