EURUSD Weekly Summary: April 17

EURUSD Weekly Summary: April 17
Saturday, April 17th, 2010 @ 2:11 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.

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EURUSD Weekly Summary:
The EURUSD started this week with strong bullish momentum on Monday, opened more than 100 pips higher than last week closed price after Greek bailout plan. However, the bullish momentum failed to maintain the gain as price found a good resistance at 1.3691 and whipsawed to the downside, closed lower at 1.3508 after bottomed at 1.3472 on Friday. It’s clear to me that the EU failed to convince the market regarding Greek financial and debt problems. They brought the IMF in for rescue. They announce the €30 billion loans for Greek. But still, the Euro failed to use this “positive” events to gain significant momentum. For me, this could be a bad news for the Euro. Technically speaking for the upcoming week, immediate support is seen at 1.3450 area. Break below that area should trigger further bearish momentum re-testing 1.3267 key support area even testing 1.3100. On the upside, 1.3691 area remains the key resistance level at this phase. Break above that area should trigger further bullish momentum targeting 1.3830 area.