Wednesday, February 3, 2010

EUR-USD Technical Analysis - 03 February 2010

The downtrend is taking a halt after two months non-stop downward movement. The market is currently taking a major correction which may produce the following results.

1. Fluctuation up down on weekly basis support resistant level
2. Keep making correction until it is overbought.

The first point we do not know yet because the month of February is just the beginning so we will see the first and second week movement before we can determine if the market is going to make fluctuation between the support and resistant.

Resistant Point:
1.4905 REACH
1.3964 REACH
1.4014 NOT YET
1.4077 NOT YET
1.4166 ALERT!!! - If the upward movement ever to break this point continuation long-term uptrend could be imminent.

The second point also no telling yet as this is the first week of the month. So there is no clear indication that the market will keep moving up and up without going the analysis for the first and second week.

We will let the market to decide its positions!! That's the only way.

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