EUR/USD Weekly Summary

Monday, July 19, 2010

The EURUSD continued its bullish momentum this week, topped at 1.3006 but closed lower at 1.2926. We are still in strong bullish phase and should pay attention to 1.3000 key resistance area. Consistent move above that psychological level could trigger further bullish momentum testing the trendline resistance (red) and 1.3120 area (38.2 Fibo retracement of 1.5140 - 1.1876) before testing 1.3354 (May open/high). Immediate support at 1.2750 (23.6% Fibo retracement of 1.1876 - 1.3006). Break below that area could trigger further bearish pressure testing 1.2520 - 1.2465 support area.