Weekly outlook EURUSD تشرين ثاني 8 2009

1.bp.blogspot.com/_jYXxcdaRiNs/SvW5MqqTL4I/AAAAAAAAANo/7LW5yCDYavg/s1600-h/d.gif

The weeker than expected US unemployment data release have paused the bullish rush and showed the market in an indecisive behavior.

The initial bias is still bullish as the pair is above the yellow minor ascending channel which has rebounded the pair upwards last week in assistance with the 55 EMA showing a false break for the major blue ascending channel.

The pair behavior from 1.4626 level is a resumption for the uptrend from 1.3748

The pair will search 1.5062 to begin a decline from there.

A penetration for 1.5062 will make us see 1.5284 resistance level.

The stochastics oscillator supports the bullish bias and confirms the presence of a cycle bottom at 1.4626 level.

The RSI is lacking direction and so revealing the market indecision.

The 1.4811 level is the intraday support level.

A break for this level will change the intraday bias and will lead the pair towards 1.4626 the short term support level.

Break of 1.4626 will indicate that the uptrend from 1.3748 is ended and there the pair will look for

1.4480 level