Week of August 11, 2009

EURUSD’s broad outlook remains bid as the rise from the April 22, 2009 low of 1.2885 remains active as ONLY a daily open and close below 1.3850 will complete this rise while the August 5, 2009 high of 1.4446  caps. As to the short term fall from Friday’s 1.4412 high, this corrective wave remains active as ONLY a one hour open and close above 1.4222 will complete this fall while yesterday’s 1.4104 low holds.  Daily chart is developing a sell which may confirm at today’s close should prices close below 1.4104 and ideally below 1.4067. For the session ahead, sell EURUSD ahead of 1.4174, stop/reverse at 1.4232 for initial  downside target of 1.4067 while an upside break initially targets 1.4294.

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