EUR/USD Weekly technical Outlook

14 November 2009 @ 12:05 pm EDT

EUR/USD's rebound was limited at 1.5047, below 1.5061 and weakened again. Nevertheless, with 1.4810 support intact, rise from 1.4626 is possibly still in progress even though some consolidation would be seen first. Initial bias is neutral this week. Break of 1.5061 will indicate that whole medium term rise has resumed and should target 123.6% projection of 1.2329 to 1.4719 from 1.2456 at 1.5410 next. On the downside, below 1.4810 will indicate that rise from 1.4626 has completed and will bring deeper fall to this support first.

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