EURUSD
Weekly
Analysis
26-July-2010
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EURUSD Weekly Analysis
Weekly Trend Direction: Bullish
Weekly Trend Reversal Level: 1.2725
Key Support Levels: 1.2820, 1.2700, 1.2600, 1.2500
Key Resistance Levels: 1.3000, 1.3100, 1.3300
Entry Strategy: Buying dips in an uptrend at support levels, while market trades
above trend reversal level
Trade Suggestion: As we look at the charts this week, the weekly closing turned
out to be a doji, which leads to indecision in market, but if we consider it has made
new high last week and yet to make a new low, this means that uptrend is still in
place.
If we look at fundamental point of view, last week’s market was waiting for EURO
Bank Stress Test results, which was released late Friday US session. Out of 91 banks
that were reviewed, only 7 banks failed the stress tests; five Spanish banks, one
German bank and one Greek bank. Though results came out positive for EURO, we
won’t read much into it. The Doji on market closing may be due to market waiting
on these results. We will still stay