ForexSQ - EUR/USD Outlook for Cooming Week - Feb.12

[ForexSQ]

EUR/USD's break of 1.3510 support last week indicates that whole decline from 1.3860 has resumed. Initial bias remains on the downside towards 100% projection at 1.3393 and possibly below. However, we'd remain cautiously bullish in EUR/USD as long as 1.3253 cluster support (61.8% retracement of 1.2873 to 1.3860 at 1.3250) holds and expect rise from 1.2873 to resume sooner or later. Above 1.3743 resistance should bring rally resumption though 1.3860 towards 1.4281 key resistance. But, decisive break of 1.2873 will turn focus back to this low instead.

In the bigger picture, main question remains on whether medium term correction from 1.6039 has finished with three waves down to 1.1875. The firm break above 1.35 psychological level again affirm the case that fall from 1.4281 was merely a correction only and whole rise from 1.1875 is still in progress....Full Forex News at :

http://www.forexsq.com/eur-to-usd/fo...g-week-feb-12/


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