FOREX EUR/USD Weekly 12th July 2008

In an UP trending market, there is an expectation that a lower Weekly close into higher timeframe 50% levels can begin a 'thrust' pattern Upwards, as prices rise up from a lower Weekly open next week.

A lower weekly close verifies support, and a lower weekly open rising upwards is confirming the trend within this currently monthly timeframe.

If that is the case then my expectation is prices are moving towards 1.6034, over the next 3 weeks.


Previous Weekly Report




Euro Weekly and daily charts

Euro continues higher into Friday, and expectation that price is moving up into July's highs.

Next Week:- Weekly highs resistance @ and look for a 2-3 day counter-trend move downwards into Support.

Weekly 50% level @ 1.5784 support.

Note: support should be verified by a lower Daily close, and then rising higher from a lower daily open