Week of September 26-October 1, 2010

EURUSD’s fall from the November 2009 high of 1.5143 will be complete with a weekly open and higher close above 1.3124, as price will then move within a 1.3124-1.3895 zone before another attempt to the downside. Once prices have moved within the above sited zone, a sustained break of this zone will favor further price extension in the direction of the break.  As to the corrective rise from the October 10th, 2010 low of 1.2674, this rise has reached 1.3505, just a few pips shy of our 1.3509 sited target and remains active while 1.3188 supports, as ONLY a daily open and close below 1.3188 will complete the rise from 1.2674 while 1.3505 caps.  For the week ahead, look to buy dips while 1.3188 supports for 1.3775, 1.3895, and 1.4042 potential upside targets with in the days and weeks ahead. fxtrader4u@aol.com