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FX.co ★ EUR/USD Weekly Technical Analysis for January 31 to the February 04 /2011

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Forex Analysis:::2011-01-31T09:13:50

EUR/USD Weekly Technical Analysis for January 31 to the February 04 /2011

EUR/USD Weekly Technical Analysis for January 31 to the February 04 /2011

WEEKLY OUTLOOK :

The EUR/USD is back to the downside after last week; it seems this week it will test the Resistance from the Fibonacci Expansion 1.3684; if this level can be broken and this pair can close above that level, there will be a change for the EUR/USD to test the high of the previous candle at 1.3757. If this pair can break out and close above the 1.3757 level, this pair will be going up to 1.3841. On the other hand, if this pair can break out and close below the Previous Low weekly bar 1.3539, it will indicate that the EUR/USD will change Uptrend to Downtrend and go down to the 1.3475 level.

Analyst InstaForex
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