EURUSD for 6 – 10 July 2009

Sun - Jul 05 09

Last Week (29 June -3 July)

O: 1.4069 H: 1.4200 L: 1.3926 C: 1.3972

Fundamentals for 6 – 10 July 2009
Mon – 10pm: USD ISM Non-Manufacturing PMI
Fri – 8.30pm: USD Trade Balance

WEEKLY

• Support levels at 1.3830 1.3879, 1.3930
• Resistance at 1.4020, 1.4107, 1.4183 and 1.4315
• Weekly has formed a closing wedge and we will not be expecting big moves this coming we
• If 1.4183 is broken, this pair may reach up to 1.4234.
• However, the outlook for this pair is still bearish and we should be looking for opportunities to short this pair.
• Any longs taken, should be for scalps.

DAILY

• We have the possibility of a bear flag forming on the daily chart.
• Immediate resistance at 1.4063.
• If the market is able to trade below the closing price of last week upon tomorrow’s market open, the potential for this pair to reach 1.3782 is high
  

HOURLY

• On the hourly, the selling strength is stronger than the buying strength.
• This pair may open above the closing price and we may expect to see 1.4020 for the day.
• Any trades done tomorrow will be on price action and I would like to wait and see how the daily candle closes on Monday for the trend direction as I think it may be a whipsaw day.