EUR-USD Technical Analysis - 10 February 2010

Today's downward movement could trigger another downfall tomorrow that will hit back the support level at 1.3628. This is a big sign of continuation downward as the market seek to catch the deeper support level at 1.3588. If it does the entire month of February will see another downtrend again that will complete the cycle of 4 candlestick down in a row before major correction will take place.

Nevertheless we still cannot determine for sure if the market will do so accordingly because there is unknown trend movement beyond our eyes to see. In this case we have to watch out for the daily MACD movement indicating that the two lines is converging toward one another. This may resulting in speedy upward movement if anyone is not careful to watch it out. Consequently it will form green candlestick (upward movement) for the weekly time frame which may trigger another week of upward movement.

Anyway the bear is dominating the market for now, and there is very little sign of major reversal that will take place. The only big fear is getting yourself trapped in significant correction ground where you can have a lot of stress waiting for it to get back your way.

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