W
WEEKLY OUTLOOK :
The slope of the 10 periode Simple Moving Avarage is still going up, and the closing bar of the last week candlestick is above the closing bar of the week before, all these conditions indicate that the Bullish movement for this pair is still in advance. However, the Fibonacci Resistance 61.8% at 1.3736 provided a strong Resistance for the last week, although last week the spot rate succeeded to close above this level. This week the level will be tested again by this pair; if it can provide a strong support then the spot rate will go up again and test the next Resistance at the January 30th/2011 high at 1.3861.
