EURUSD Weekly Summary

The EURUSD was corrected higher during an active market on Friday but overall the Euro is under pressure this week. However the pair seems to have a strong technical support around 1.4000/30 area. We need a clear break below that area to continue the bearish scenario targeting 1.3750. On the upside, key resistance level is seen around 1.4250 area. As long as price stay below that area, the bearish scenario which started from December 2009 should remains intact. Break above 1.4250 area should be seen as potential threat to the bearish scenario as price may continue the bullish correction further testing the upper line of the bearish channel and 1.4450 resistance area. Have a great weekend and see you guys next week.