EUR/USD Outlook for Feb 3
| February 2, 2010 | Posted by admin under Day Trading Ideas, Stock Market Analysis, Swing Trading Ideas |
The EUR/USD did break above the short-term hourly trendline (1.3930) and that has resulted in resistance being tested currently. The former swing high was at 1.3986 and so far that has not been reached as the pair has been stalled just below 1.3980.
Above 1.3990 resistance comes in at 1.4025, 1.4050, 1.4070, 1.4085 and 1.4090-1.4110.
On longer time frames the trend remains down. But a move above 1.3990 does indicate in the short-term some of the higher resistance levels may be tested.
Minor support comes in at 1.3950 followed by 1.3920, 1.3910 and 1.3890. Beyond this there is minor support at 1.3875 followed by 1.3850 (recent swing lows).
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