Analysis for EURUSD 19-23 Apr 2010

Previous Week 5 – 9 Apr

O: 1.3495 H: 1.3538 L: 1.3281 C: 1.3492

Last Week 12 – 16 Apr

O: 1.3656 H: 1.3691 L: 1.3471 C: 1.3509

Weekly

Daily

Hourly

Expected for the week

• We saw no true breakout for this pair on the weekly.
• It gapped 160pips higher over the weekend over news that Germany will be helping Greece but fresh worries drove the pair down.
• We saw a new high at 1.3691 but it was not enough to break 1.3708 (23.7 Fibo).
• 1.3590 was crucial last week and while this pair did trade above that figure, longs were not sustainable and it fell 147 pips (open to close) to close the gap.
• On the weekly, 1.3704 is a crucial resistance and 1.3449 support.
• On the daily, this pair may try for 1.37 again but it has to trade above 1.3528, 1.3590.
• Anything below 1.3528 and we will still be looking at shorts which may probably drive us down to 1.3438, 1.3364, 1.3281.
• Fundamentally, the IMF will be sending a team to Athens (Apr 19) for talk with Greece so we can expect volatility over the week.

Fundamentals:

Mon – NY Tue - EUR Wed – NY Thu –EUR/NY Fri –EUR/NY