EURUSD Weekly Summary: January 16

By IBTimes Staff Reporter | January 15 2010 9:29 PM

EURUSD Weekly Summary

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The EURUSD failed to continue its bullish momentum this week. The pair attempted to push higher, topped at 1.4578 but further bullish momentum was rejected as the pair closed significantly lower below 1.4450 key support level. Technically, this fact should be seen as bullish failure and we may once again trapped in range area of 1.4450 – 1.4250 next week but the bias is more to the downside. Euro weakness was triggered by Greek fiscal deficit which could keep pressure on the currency. Break below 1.4250 should trigger further bearish scenario towards 1.4000 area. So, as long as price stay below 1.4450, I prefer a bearish scenario. Have a great weekend and see you guys next week.

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