EURUSD - Weekly technical Outlook

13 December 2009 @ 01:28 am EDT

EUR/USD's fell sharply to as low as 1.4585 last week and the break of of 1.4626 support indicates that a medium term top should be in place at 1.5143 already. Short term outlook will remain bearish this week as long as 1.4777 resistance holds and further decline should now be seen to 1.4483 cluster support (23.6% retracement of 1.2329 to 1.5143 at 1.4479) next. On the upside, touching of 1.4777 will indicate that a short term bottom is formed and bring consolidations. But upside should be limited by 1.4902 resistance and bring fall resumption.

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