[m.youssif]

Weekly Outlook

EUR/USD extended recent up trend and rose further to as high as 1.4486 last week. Initial bias remains on the upside this week and further rise should be seen to 161.8% projection of 1.2873 to 1.386 from 1.3427 at 1.5024, which is close to 1.5 psychological level. On the downside, below 1.4383 minor support will turn bias neutral and bring consolidations. But downside should be contained by 1.4020/4247 support zone and bring rally resumption.

In the bigger picture, the break of 1.4281 resistance firstly confirms that whole medium term rebound from 1.1875 has resumed. Further rise should now be seen towards 100% projection of 1.1875 to 1.418 from 1.2873 at 1.5279. Also, note that current development also affirms the case that medium term correction 1.6039 was completed with three waves down to 1.1875 and the long term up trend might be resuming. Decisive break of 1.5279 projection target will indicate that rise from 1.1875 is developing into an impulsive wave that should take out 1.6039 high eventually. On the downside, break of 1.3860 support is needed to invalidate this view. Otherwise, outlook will remain bullish.

In the long term picture, correction from 1.6039 might have completed at 1.1875 already. Meanwhile, up trend from 2000 low of 0.8223 might be resuming. Break of 1.5143 resistance will affirm this case and should pave the wave through 2008 high of 1.6039 to 61.8% projection of 0.8223 to 1.6039 from 1.1875 at 1.6705.

[m.youssif]

Weekly Outlook

EUR/USD extended recent up trend and rose further to as high as 1.4486 last week. Initial bias remains on the upside this week and further rise should be seen to 161.8% projection of 1.2873 to 1.386 from 1.3427 at 1.5024, which is close to 1.5 psychological level. On the downside, below 1.4383 minor support will turn bias neutral and bring consolidations. But downside should be contained by 1.4020/4247 support zone and bring rally resumption.

In the bigger picture, the break of 1.4281 resistance firstly confirms that whole medium term rebound from 1.1875 has resumed. Further rise should now be seen towards 100% projection of 1.1875 to 1.418 from 1.2873 at 1.5279. Also, note that current development also affirms the case that medium term correction 1.6039 was completed with three waves down to 1.1875 and the long term up trend might be resuming. Decisive break of 1.5279 projection target will indicate that rise from 1.1875 is developing into an impulsive wave that should take out 1.6039 high eventually. On the downside, break of 1.3860 support is needed to invalidate this view. Otherwise, outlook will remain bullish.

In the long term picture, correction from 1.6039 might have completed at 1.1875 already. Meanwhile, up trend from 2000 low of 0.8223 might be resuming. Break of 1.5143 resistance will affirm this case and should pave the wave through 2008 high of 1.6039 to 61.8% projection of 0.8223 to 1.6039 from 1.1875 at 1.6705.