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EURUSD Weekly Summary: Three consecutive breakouts lead Euro higher, more to come

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by , 09-25-2010 at 12:53 AM (904 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.

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