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EURUSD Weekly Summary: Still in a bullish phase, moving sideways between 23.6% – 38.2% Fibonacci retracement

: 02/03/2012 11:39

The EURUSD was indecisive this week. Price attempted to push lower, bottomed at 1.3025 on Wednesday but closed higher at 1.3158 on Friday. As you can see on my h4 chart below price has been moving sideways between the 23.6% – 38.2% Fibonacci retracement of 1.4246 – 1.2625. This ranging market occurs after price slipped above the 200-4 hour-EMA suggests the bullish phase since bounced from 1.2625 remains intact but need a clear breakout above the 38.2% resistance area (around 1.3230/40) to continue the bullish phase testing the 50% retracement level (around 1.3435). On the other hand, clear break back below the 200-4 hour-EMA and the 23.6% level (around 1.3000) could stop the current bullish phase.

Have a great weekend and see you guys next week.

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History

02/02/2012	EURUSD Daily Forecast: February 03
02/02/2012	Daily Forecast for Crosses: February 03
02/02/2012	GBPUSD Daily Forecast: February 03
02/02/2012	USDJPY Daily Forecast: February 03
02/02/2012	USDCHF Daily Forecast: February 03

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