Monday, July 4, 2011

EUR/USD Weekly Technical Analysis 4th to July 8th 2011

Last week the EUR/USD broke through the 10-week Simple Moving average and reached a high above the closing price two weeks ago (1.4441) at the level 1.4525. However for this week  downward correction is still possible characterized by a downward slope of 10-week Simple Moving avarage. This week 1.4500 still has the potential to be tested by this currency. 

Please note if this level is successfully penetrated the 1.4458 will most likely be pursued as a second target by this currency. However if the 1.4353 can be broken by the EUR/USD, it will hold the Bullish situation that already happened last week ago. On the other hand, if the 1.4580 can be broken, this currency will have a chance to continue the Bullish situation.

Performed by Arief Makmur, Analytical expert
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