20th April to 24th April 2009 Euro / USD
Posted by admin | Posted in Weekly and Daily Wake up | Posted on 20-04-2009
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EUR/USD was in a bearish mood in the previous week. It had a rise in the first days of the week. It approached the long term downtrend resistance line which is projected from the second test of 1.6. On the seventeenth of April the bearishness broke below the resistance level at 1.3100. It even approached 1.3000 levels before closing the trade for the week. The current price is really critical. The upcoming week will be dependent on the first day swings. If a strong break below 1.3000 levels happens; it can notify bearishness in the upcoming week. It may touch the lower levels of 1.2500 which occurred in February and March. The upside resistance can be 1.3300. The noted long term resistance line also is important while looking at the upside resistance as the current overall downtrend continues.
Last week was full with economic flash news in American economy. But on the other hand Europe was remaining dull and dormant. But the next week may see the rise of Europe and Euro back in action again. The forex users will be benefited, if they pay more attention to Euro markets next week as it will be Europe that drives the market for the next few days.
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