Friday, October 2, 2009

EUR/USD weekly charts

We have been following this monthly Fibo since long ago. Pair open this week above the 61.8%, confirming in a way, the bullish midterm trend. the level is around 1.4610, and we saw the pair reached that zone both yesterday and today early Asia, and for now, unable to break under. Still we are barely 60 pips away. So a weekly close under that level, and even better under 1.4550 support, will likely deny the upside continuation, while above that level, better above 1.4700, will confirm the upside continuation. Watch the zone, and the weekly close! If we turn to 4 hours charts, pair is slightly bearish, not quite clear, yet pointing to the downside. Supports from current level come at the very close 1.4660 zone, followed by 1.4610. Clear break under will send us to the 1.4550 strong zone, and I can’t see at this point, the pair falling further. To the upside, resistances come at 1.4700, 1.4735 and 1.4780.

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