Week of June 17, 2009

EURUSD’s short term fall from the June 11, 2009 high of 1.4177 remains active as only a 2 hour open and close above 1.3912 will complete this fall while yesterday’s 1.3748 low holds, as prices will then move within a 1.3912-1.4013 consolidation zone before another attempt to the downside.  Once prices have moved within the above mentioned zone , a sustained break of this zone will see further price extension in the direction of the break. Daily prices have closed below the 20 day MA currently at 1.4010 for 2 consecutive days, while a daily open and close below 1.3783 will see prices continue to move lower.

GBPUSD’s