WEEKLY OUTLOOK :
The Fibonacci Support 38.2% worked perfectly last week at weekly charts for the EUR/USD as a strong support and the Simple Moving Avarage has been pointing up for the 10 weeks period with the candle having closed above the Moving Avarage, all this indicates this pair has a healthy Bullish movement. For the next week, if this pair can break out and close above the weekly higher candle of January 30th/2011 at 1.3861, this pair will test the next Resistance at 1.3920. But before the advance, the spot rate will retrace to downside again to make the second leg and if this pair can break out and close below the Fibonacci Support 23.6 % at 1.3630, it will test the next Fibonacci Support 38.2% at 1.3482, however please be cautios if the 1.3401 level is tested too. If this pair can break out and close below that level (1.3401) it will indicate the Bullish movement can be held.
