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EURUSD OUTLOOK FOR THE WEEK OF MAY 2-MAY 6, 2011

EURUSD continued to move higher last week reaching a high of 1.4881, well beyond our 1.4818 target for last week.  As to the broad outlook, EURUSD  remains bid as the rise from 1.2873 continues to unfold with 1.4985, 1.5151 and beyond as the next upside targets.  As to the downside, only a daily open and close below 1.4114 will complete the rise from 1.2873 while last weeks high of 1.4881 holds.  Nearterm, look for initial bids within the 1.4689-1.4737 zone to support further rise, while below this level will test bids residing ahead of 1.4600.  For the week ahead, look to buy EURUSD within the 1.4550-1.4635 zone to support further rise targeting 1.4925, 1.4985 and 1.5042.

  • Posted by adminfx
  • On May 4, 2011
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