EURUSD (week: 13-17 Feb. 2006)

This week, we expect EURUSD to continue the direction indicated by last Friday's drop and reach as low as 1.1775 (yearly low), before entering a new retracement wave up. The key resistance level at 1.20 was tested again on Friday but not breached, we will look for possible new tests here in the following weeks. For now, not only 1.1930 failed to contain the drop in EUR, but the pair closed the week below 1.19, another key level (61.8 retr. of the 1.1640-1.2327 upward move). It has become highly probable that the pair be looking to test last year's lows at 1.1640 before heading up. However, before that wave is complete we expect for the end of the week another retracement up that could face resistance at the current support level of 1.19.

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