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Weekly Technical Strategist: EURUSD

EURUSD: Price Hesitation Sets In.

EURUSD:  The pair may have closed lower at the end of the week after it failed to hold above the 1.4253 level but as long as that remains within its established (daily chart) rising channel, its broader bias remains higher.  In such a case, the pair should eventually recapture the 1.4248/79 levels with a loss of there targeting the 1.4576 level and possibly higher towards the 1.4902 level. Alternatively, its channel support at 1.3970 comes in as the next downside objective where a halt is expected to occur.   Further down, support lies at the 1.3852 level, its Mar 15’2011 low with a breach of that level allowing for more declines towards the 1.3754 level. A halt in declines is likely at this level if tested.  However, its clearance will pave the way for a move lower towards its Feb 28’2011 low at 1.3710.

Weekly Technical Strategist