Mon, 20th of April, 2009

EURUSD Outlook

The EURUSD had a bearish momentum on Friday. The pair break below the key support level at 1.3100, bottomed at 1.3016 and closed at 1.3024. My technical focus remains at the descending triangle formation indicating potential bearish scenario. However, pay attention to the psychological level around 1.3000 – 1.2950 which could be a potential strong support. Break below that support area could trigger further bearish momentum targeting 1.2840 area. Initial resistance is seen at 1.3100. Break above that level could be a potential violation to the current bearish view and lead us back to the no trading zone. CCI just cross the -100 line up on hourly chart suggesting a potential upside rebound.