EURUSD—weekly

The high for the week just ended was 1.3425 just a dozen pips or so below the high of the week ended Dec. 3. Note that just like the EURGBP, the angle of descent is steep and normally the steeper the angle the less likely it is to be sustained. However, the net sideways movement of the last few days show the same indecision present with many pairs and while there's good evidence for additional moves down, the pair needs to stay below 1.3788 to keep the bears satisfied. They'll be thrilled if it gets below 1.3788.

Today's action will be interesting to watch but again, thin holiday markets are having an impact. Still, let's see if the German finance minister's strong statement of support on Friday for the Euro has an impact. Sounds a bit desperate to me.

Here's the weekly chart:












© Dianne Fecteau, 2010. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.

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