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EURUSD Weekly Summary: The Triangle, 1.3500 and 1.3800

The EURUSD was indecisive this week, made a Doji on weekly chart. Now let’s take a broader look on weekly chart below and see what kind of information we can get, at least from my subjective perspective. Price has been moving in a triangle formation, suggests a consolidation phase. No clear direction until a break above or below the triangle. From the past historical movement, we are now in a phase where 1.3500 is a key support/resistance area and a move above or below that area could determine the next direction. From this point of view, although the bullish momentum was paused this week, the fact that price still move above 1.3500 still suggest more bullish bias for now, ...

[B]The riots in Egypt are taking their toll on the markets – EUR/USD confirms loss of uptrend channel and is falling fast towards the next support line. Update.[/B]
The uprising against the Egyptian regime has escalated from youth protests to a large scale, politically backed protest all over the country. A fourth day of anger after the Friday prayers turned into huge demonstrations with hundreds of wounded people and several killed.
Read the rest of the article about [URL="http://www.forexcrunch.com/egyptian-effect-drives-eurusd-towards-low-support/"][I][B]Egypt & EUR/USD[/B][/I][/URL].

EURUSD Forecast
The EURUSD made another indecisive movement yesterday. There are no changes in my daily technical outlook. I am still in bullish mode and just keep waiting for a minor bearish correction around 1.3625 – 1.3550 support area to go long with nearest target remains around 1.3800. On the downside, break below 1.3500 could be a threat to the bullish outlook. On the other hand, a clear break above 1.3800 would give us further validation to the bullish continuation scenario targeting 1.4000 area.



GBPUSD Forecast
The GBPUSD was volatile but indecisive yesterday. Price attempted to push higher but 1.6000 resistance ...

INTRA-DAY EUR/USD OUTLOOK

Last Update At 28 Jan 2011 04:33 GMT

Rate : 1.3698

Although euro has remained under pressure after meeting renewed selling earlier at 1.3744 in Asia, suggesting nr term choppy trading below y'day's 2-month 1.3760 high wud continue, below 1.3679 (NY) is needed to bring stronger retrace. twd 1.3636/40.

Abv 1.3744 wud yield possibly re-test of 1.3760
but res at 1.3786 shud hold n bring decline.

Range Forecast
1.3685 / 1.3715

Resistance/Support
R: 1.3744/1.3760/1.3786
S: 1.3679/1.3636/1.3573

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