Update for: 2011-02-14 - 2011-02-20

Posted on: Sunday, 13 February 2011 19:51


EURUSD: 1.3551

 Short-Term Trend:  weak uptrend

Outlook: Our attempt to trade from the long side failed here on Friday when EURUSD briefly traded below the 1.3500 level. However, the daily chart still looks slightly bullish here and as long as the prices stay abv 1.3450/30, another rise twd 1.4045 is likely to be seen. However, the daily oscillators now point down, so the immediate pressure is on the downside. Thus, to signal the next leg higher is under way, the market needs to stabilize and then to penetrate the 1.3720 Fibo level.
On the downside, below 1.3450/30 negates, signals the wave B on the chart above is over and if that's the case, a decline twd 1.2670 will become likely...

Strategy: The hypothetical long position from 1.3643 was stopped out at 1.3500 with 143 pts loss. Stand aside.

Next Upate: Wed, 02/16/2011, 09:00 - 10:00 CET


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