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EURUSD Weekly Summary

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EURUSD Weekly Summary
Saturday, March 14th, 2009 @ 12:09 am by Setyo Wibowo

About Setyo Wibowo:

Living in East Java, Indonesia and holding International Relations degree, Setyo Wibowo began his forex trading career by joining Fortune Channel Investment in 2000 as a market analyst, while learning to trade forex independently on his own. Driven by his desire to share his trading experiences and ideas, Setyo joined the FX Instructor team in 2008. Setyo Wibowo is now living in Mojokerto, East Java, Indonesia.

About Me My Articles

Sat, 14th of March, 2009
By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
The EURUSD had a very significant bullish correction this week. The Dollar index fell 1.2 percent to 87.428, the biggest lost since December following the significant weekly gain on US stock market. On the technical side, the key support level at 1.2500 has proved it self as a strong support. We have a potential bullish reversal scenario showed by a rounding bottom pattern on daily chart with 1.2988 resistance level (23.6% Fibonacci retracement of 1.4716 – 1.2456) as the key resistance level. Break above that level could trigger another significant bullish scenario towards 1.3320 and 1.3590 area. So, we might have a very interesting movement next week. Good luck and see you guys on Monday

Have a great weekend!

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