EURUSD Daily Forecast: February 08

 @ibtimes on February 07 2010 10:52 PM

EURUSD Forecast:

The EURUSD attempted to push lower on Friday, bottomed at 1.3585 but closed higher at 1.3664, formed a hammer candlestick formation on daily chart indicating potential upside correction testing 1.3750 resistance area, but overall the bearish scenario should remains intact as long as price move inside the bearish channel and I still prefer to sell on rallies. Break above 1.3750 area could trigger further bullish correction back towards 1.3850 even 1.4030 area. Initial support at 1.3585 (Friday’s low). Break below that area should trigger further bearish momentum with technical target around 1.3490 – 1.3400 area this week.

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