Update for: 2011-01-31 - 2011-02-06

Posted on: Sunday, 30 January 2011 19:58


EURUSD: 1.3609

 Short-Term Trend:  uptrend

Outlook: The wave structure here is not clear. As expected the single European currency rallied to 1.3720 level but then it pulled back (again as expected). Now, we can expect some further weakness this week twd 1.3500/1.3450 but if this area holds, another strong rally may follow in mid-February. For now, the best we can do is to stay out and see if the market will find support in this area or not. On the upside, in case another rally develops, strong resistance is expected at last week's top at 1.3757....

Strategy: Stand aside.

Next Update: Sun, 02/13/2011.


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