Sat, 09th of May, 2009

By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook

The EURUSD had significant bullish momentum this week and now traded above the major bearish trendline. Is this a real breakout? Like I said yesterday, If the major bearish trendline violated to the upside then we might be in the beginning of major trend reversal from bearish into bullish outlook. However we need more confirmation that we really have real breakout. The first test would be whether the pair could reach and stay consistently above key resistance level at 1.3736 area. We might see struggling around the major trendline in upcoming week and the price may cross up and down the trendline (which is oftenly happened) but I hope we will have clearer direction soon. Have a great weekend with your family and loved ones. See you guys next week.