Tuesday, February 8, 2011

Quick Outlook for EURUSD - 9th Feb 2011


Attached is the chart for EURUSD. The levels are the same and as can be seen, the levels have been well respected so far.

As for today, the euro seems to be quite bullish for the day and what has surprised me a lot is the fact that euro did not fall even when China hiked rates. Usually when China hikes rates, the USD would gain in strength but that has not happened so far. For today, expect a move up from current levels (1.3645) or expect a push down to 1.3620 and then a move up. 1.3680 would prove to be a huge resistance but if that is broken cleanly, expect move towards 1.3750 for today and then on to 1.40 over the next 2-3 days.