Update for: 2011-08-01 - 2011-08-07

Posted on: Saturday, 30 July 2011 17:36


EURUSD: 1.4394

 Short-Term Trend:  sideways

Outlook: As expected EUR rallied for most of last week. Now ti stays firm and the very short-term price pattern is quite positive. However, the fact that the single currency is still below the 1.4570 important level makes the outlook on daily chart more neutral than bullish. Thus, we think that one can find some opportunities to trade from the long side on the hourly chart, but the most adequate strategy on the daily chart is to stay on the sidelines. A move abv 1.4570 will be bullish though...
On the downside, below the July low at 1.3837 will negate and will indicate a larger decline twd at least 1.3520 is under way...

Strategy: Stand aside.

Next Update: Wed, 08/03/2011, 09:00 - 10:00 CET


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