FXInstructor.com Daily Forecasts with Setyo Wibowo
, 09-25-2010 at 12:53 AM (758 Views)
EURUSD Weekly Summary: Three consecutive breakouts lead Euro higher, more to come
The EURUSD continued its bullish run this week. Price closed higher on weekend after break out above the minor bearish channel, topped at 1.3494. Since the strong bullish momentum which started in September 04, we have three consecutive breakouts from previous high leading the bullish momentum as you can see on h4 chart below. For the upcoming week, another strong breakout above 1.3500 (50% Fibonacci retracement of 1.5140 1.1876) could trigger another strong bullish momentum targeting 1.3700 and 1.3888 (61.8% Fibonacci retracement of 1.5140 1.1876). On the other hand, a failure to make a clear above 1.3500 could trigger some bearish correction testing 1.3400 and 1.3310 support area.
Have a great weekend and see you guys next week.
Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. Forex Capital Markets LLC. will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.