Saturday, June 19, 2010

EUR/USD Weekly Outlook Jun 21-25th

Euro/Usd had a good run last two weeks. After reaching all time low at 1.1875 Euro/USD bounced back against the dollars.

In weekly chart (see below), we can see a bullish move and expecting to continue this next week.
Looking at next resistance for Euro/Usd at 1.2658 which is a 23.6% fibo retracement (high 1.5160 and low 1.1875) and also touching point of 10 sma.

Breaking below 1.23 poses a risk to go lower and re-test the recent low.

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