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EURUSD Weekly Perspective

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EURUSD Weekly Perspective
Monday, July 6th, 2009 @ 5:26 am by Mihai Marinescu

Hi everybody,

The big picture in USD pairs hasn’t changed much after the NFP on Thursday, however in short term we have a few levels to watch for signals. Generally on my chart the large daily trend remains bull but we have minor confirmation for retracements down on H4.

Right now on H4 I’m waiting for a short, but in the near-term the active setup is a long with downside limit @1.3950. Above this level will be moderately bullish, however i’m waiting for a more serious trade SHORT either higher up around 1.4080 (after an a-b-c correction) or back below 1.3950.

If the current H4 wave formation confirms the targets will be in the 1.38-1.3660 range, the current support area on D1.

Good luck everyone & have a great week!

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