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EURUSD Outlook for August 2011

EURUSD weekly chart remains in a descending wedge formation as this consolidation formation favors further rise into the weeks and months ahead. This week’s trendline resistance comes in at 1.4481 while the trendline support comes in at 1.3761.  The upper trendline declines more rapidly while buyers at the lower trendline also declines but at a lesser rate. Eventually buyers will overwhelm sellers favoring an upside break.  The break of this pattern will also be accompanied by increase volume and momentum.  LONG TERM STRATEGY: Buy lower trendline with stop below the convergence point(1.3240) as  weekly open and higher close above the upper trendline will confirm further rise underway targeting 1.4663, 1.4939, 1.5215, 1.5386, 1.5525 and 1.5663.

  • Posted by adminfx
  • On July 25, 2011
  • 9 Comments
  • 0 likes

9 Comments

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