Euro Technical Outlook

Published September 22nd, 2008 - 06:47 GMT
Al Bawaba
Al Bawaba

The EURUSD is approaching the Fibonacci retracement zone of the decline from 1.6040-1.3877.  The 38.2% is at 1.4667 and the 50% at 1.4919. 



This area is also a former congestion zone.  The bias remains bullish but expect resistance in this area this week.