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Week of July 18-23, 2010

EURUSD moved higher last week reaching 1.3006, a few pips above our 1.2998 target as our forcast range for last week was 1.2500-1.2998 while the actual range was 1.2521-1.3006.  Potential for further rise in the week ahead remains with 1.3124 as the next objective while 1.2679 supports.  As to the rise from the June 2010 low of 1.1876, this corrective rise continues to unfold as ONLY a daily open and close below 1.2574 will complete the rise from 1.1876 while last week’s high of 1.3006 caps.  Near term, look for bids ahead of 1.2700 to support for further rise next targeting 1.3124.

  • Posted by adminfx
  • On July 18, 2010
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