27th April to 1th May 2009 Euro / USD
Posted by admin | Posted in Weekly and Daily Wake up | Posted on 26-04-2009
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EUR/USD was showing a kind of bullishness in the past week. This significant movement went up to the key resistance level of 1.3300 also. This is a key level because it coincides with a major downtrend resistance level from the last July. This downtrend level was from the second test of the past 1.6 status. The next week of April 27 to May 1 will be eventful because of this critical issue. The changes of these pair of lines will affect the market in significant ways. The EUR-USD ratio may respect static as well as the dynamic resistance. It will happen only by reversing the bullish trend of the past week and targeting the March and February lows.
At this critical juncture there are chances for an uptrend also. It may break above the long term downtrend resistance line and stop the downtrend which has been in place for many months now. The action in the market in the initial days can provide us a clear direction in this matter. If there is a break out above 1.3300 there is a big possibility of it targeting a resistance at 1.3550 regions. On the other hand a downside price in the initial days indicates a clear target at 1.3100 below. The support sticks on to the region of 1.2900. The last swing low too rests at this region.
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