- Forex Daily Market Outlook - Feb .1


Master Trader
Jan 11, 2011

Regained strength after the sharp reversal, following an upside rejection at 1.3757, found support at 1.3570. The latest fall has nearly been fully retraced, though clear break above 1.3757 to confirm. Immediate target lies at 1.3784, ahead of 1.3838, 76.4% retracement of 1.4280/1.2872 down move. Longer-term descending trendline, connecting 1.5144 and 1.4280 peaks and currently standing at 1.4044, is seen as key short-term resistance. Downside, 1.3570/39 area offers initial support, and expected to contain dips, to keep immediate bulls in play, otherwise, further losses into 1.34 zone would be likely scenario..Full Forex News at : Pairs /forex-daily-market-outlook-feb-1-1/