Week of February 13-18, 2011

EURUSD outlook for the week ahead remains bid as the rise from the January 10, 2011 low of 1.2873 remains active as ONLY a daily open and close below 1.3483 will complete the rise while the February 2, 2011 high of 1.3860 holds.  A daily open and close below 1.3483 will favor further downside extension within a 1.3250-1.3483 consolidation zone as once prices  move within this consolidation zone a sustained break outside the zone will favor further price extension in the direction of the break.   As to the recent corrective fall from Wednesday’s 1.3743 high,  this wave remains active until daily prices close above  1.3591 while Friday’s 1.3496 low holds.  Intraday resistance located within  the 1.3572-1.3591 zone while firm support located within  the 1.3462-1.3483 region.  fxtrader4u@aol.com