FX.co ★ EUR/USD Weekly Forecast April 25th - Aril 29th / 2011

WEEKLY FORECAST :

Last week the EUR/USD made a new high and closed above the previous week high, with the slope of the 10 Weeks periode Simple Moving Avarage still going up. No doubt the Bullish Trend at the EUR/USD is still in advance, BUT if we look at the Stochastic studies, the Stochastic is above the 80 level, this indicator is making a down cross; In our view this pair is "Exhausted" , it needs a small retracement or sideways for a moment if this pair wants to continue the upside movement . However if this pair cannot break the previous week high and the previous week low, the EUR/USD will be trapped in the range in a sideways situation. However please pay attention to these two levels; first the preivious week high at the 1.4648 level, if it breaks this level, this pair will be going up to the 1.4778 level, on the other hand if the EUR/USD this week can break out below the 1.4370 level, it will go down to the 1.4341 level as the first target and the 1.4256 level as the second target.