Friday, April 8, 2011

EUR/USD 1.4483

Despite traders seem to have left early this weekend, and forex market seems already close due to the lack of volume, EUR/USD holds steady near the 15-month high set today at 1.4545. While usually on Friday’s following a week with large gains as euro posted this one are days of profit taking and at least contrarian corrective movements, investors seem to expect fresh highs for the upcoming week.

According to Fan Yang from FXTimes, 1.5140 target might open un next week, if the pair manages to overcome the 1.4500 price zone. As he says, “the EUR/USD is heading into a zone of heavy resistance, but seems unabated so far”, adding that mentioned 1.4500, represents the 200% extension of an inverted Fibonacci. He finally adds: “We should not consider the bearish outlook until a break below 1.4250. Correction from 1.45 might turn into sideways action between 1.4250 and 1.45”.

source: fxstreet.com


15 comments:

  1. You didn't hear? Today is international Empenada day. All the traders were eating mexican food instead of working.

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  2. slight change really makes a difference

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  3. This is awesome! Love it! keep up the great work!

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  4. It's good to see it staying high.

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  5. I'm not sure it will keep making such gains with all the news from Spain and Portugal.

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  6. Any news on the CAD? I'm travelling to europe soon.

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  7. Pretty scary, the way USD holds its position.

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