Special Focus On EURUSD

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Sunday, 05th of Feb, 2012
SPECIAL FOCUS EURUSD
FXTechstrategy Team
info_at_fxtechstrategy.com
EURUSD Bullish Momentum Remains Despite Price
Hesitation. EURUSD Despite a marginal lower
close due to price hesitation the past week, its
broader upside outlook remains intact. The pair
must break and hold above the 1.3233 level to
strengthen further with eyes on the 1.3375
level, its Dec 1212 level. On further price
extension, EUR should target the 1.3484 level,
its Dec 052011 high and possibly higher towards
its Dec 022011 high at 1.3547. Its weekly RSI is
bullish and pointing higher suggesting further
strength. Alternatively, on any pullback, the
1.3074 level will be targeted where a reversal
of roles as support is likely to occur and turn
the pair back up. However, if that level is taken
out, further declines is expected towards the
1.2856/75 level, its Dec 292011 low/Jan 2011
low. Further down, support lies at the 1.2624
level where a loss will resume its medium term
weakness and aim at the 1.2587 level, its Aug
2010 low. All in all, EUR continues to retain its
corrective recovery tone despite a hitch the past
week. To read the full version of this 7 model
currency analysis check out FXT Technical
Strategist Plus
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