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8th February 2011, 12:42
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ForexSQ.com - EUR/USD Daily Outlook - Feb.8
EurUsd Yesterday's bearish mood saw EURUSD slip through 1.3540 (24 Jan low) support and briefly dip below the 100-day moving average (currently 1.3532). Nevertheless, rather than starting an avalanche of selling, the pair found good bids at 1.3510 (50% fibonacci retracement of 1.5145 to 1.1876) which has allowed it to rebound back to roughly the same levels we saw this time yesterday morning (1.3620). In spite of this bounce, we still believe that further liquidation of speculative longs may play out before a resumption of the broader uptrend continues. For now, next supports are 1.3510 (aforementioned fibonacci retracement), 1.3397 (20 Jan low), and 1.3245 (17 Jan low)...Full Forex News at :
http://www.forexsq.com/eur-to-usd/eu...outlook-feb-8/ ForexSQ 
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