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EURUSD Outlook for the Week of July 18-22, 2011

EURUSD broke the rising trendline from May 23 low of 1.3969 eventually reaching a low of 1.3836 but unable to sustain below the 200 day moving average currently at 1.3912.  Daily chart favor downside risk with a daily open and lower close below 1.3912 confirming further downside extension targeting 1.3662 , 1.3360 and 1.2973 in the weeks ahead.  As to the upside, ONLY a daily open and higher close above 1.4388 would turn the outlook to neutral.  For the week ahead, look for opportunities to sell EURUSD while below 1.4388 for 1.3912, 1.3836,  and 1.3662 targets in the days ahead.

  • Posted by adminfx
  • On July 17, 2011
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