EURUSD
Weekly
Analysis
05-July-2010
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EURUSD Weekly Analysis
Weekly Trend Direction: Bullish
Weekly Trend Reversal Level: 1.2150
Key Support Levels: 1.2500, 1.2450, 1.2400*, 1.2350 , 1.2280
Key Resistance Levels: 1.2570, 1.2780, 1.3000
Entry Strategy: Buying dips at support levels while market continues to trade above
our suggested weekly trend reversal level.
Trade Suggestion: We have a bullish candle close on last week, which made a new
high and continued its corrective bullish run. It made a new high of 1.2611, which is
38.2 fib level from its fall from 1.3817 to 1.1875. This pair seems to have significant
support at 1.2400 level.
Our longterm trend on this pair is still bearish. This pair has a significant resistance
around 1.2600 levels and its approaching falling trendline on daily chart, which could
be a significant test for this pair. Failure to break this trendline will likely resume the
bearish trend targeting towards 1.1875 & 1.1639. However this pair is supported by
rising trendline as of now, by that we st