EURUSD Jan 12-16 2008

O – 1.38850 H – 1.39602 L – 1.33127 C – 1.34287

• Let’s do a recap of what I said about this pair last week.
• It didn’t test 1.4188 and I think it will be a while before we see this number as this pair has finally found a direction – down.
• It broke 1.3840 and went as low as 1.33127 before retreating to 1.34287 for the week.
• Let’s see what this week has in store for us.
• Fundies-wise, nothing exciting on Monday but watch out from Tuesday onwards.

Weekly

On the weekly chart, 1.3417 is a good support. If this pair opens below this support on Monday, a sell to 1.3299 will be a good trade. QQE 45.02

Daily

We can see where the direction is heading clearer on the daily chart. Look at how the daily candles is sitting rather pretty on the trendline. QQE 50.98

Hourly

The last trading hours on the hourly seems like a flatliner but if you look at this chart, you see that it is making a re-entry into the trend-channel. Expect to short this pair but look for a good entry point as we will see some whipsaw this week too as we did in the last. Hourly QQE 26.73

Good luck.