FX.co ★ EUR/USD Weekly Forecast for February 7-11/2011

WEEKLY FORECAST :

The EUR/USD is still in an uptrend, this situation is indicated by the higher valley (red horizontal lines) located higher than the previous one. It seems the EUR/USD is going to test the 1.4020 level, especially if this week the pair can break out and close above 1.3861 - the previous week's highest candle. However, please pay attention to the last week's candle having formed the "Dragon Fly Doji"; if this pair can break out and close below the previous week's lower candle at 1.3542 it is expected to drop to 1.3459 as the first target and 1.3346 as the second target.