FX.co ★ EUR/USD Weekly Technical Analysis for January 17-21 /2011

WEEKLY REVIEW :

The EUR/USD is still in a Bearish situation, this is indicated by the Downtrend channell at the Weekly Timeframes. Event last week this pair closed above EMA 21, but the EMA Cross is in a Bearish mode too. However, the EUR/USD is supposed to test the 1.3320 level; if this pair can break and close below that level, this pair will find a new level at 1.3234 as the first target and 1.3161 as the second target. On the other hand, if this pair can break out and close above the highest candle of the previous week at 1.3456, it will cause this pair to reach a new level at 1.3497. However please pay attention at the RSI(13), because it is still between 40 and 60, it means this pair is still in a sideways situation and not trending.