Euro weekly update - 25 Apr 2011

Hello everyone,

Another new week again. Hope everyone make great profits last week.

Last week, this pair turned down to low 1.4150 and reversed, moving up to 1.4650 and close at 1.4558. This is due to weakening of US dollar and Spain's excellent sales in their treasury bonds.

This week, I expect market do a correction down and a high possibility of a consolidation.

Therefore without breaking the current top 1.4650, I expect market to turn back down to 1st support at 1.4400 or even 2nd support 1.4325.

Monday, good to hunt for short when market pulls back to 1.4590 or when market breaks below 1.4530. SL can be place above 50 pips. Target exit is as the support levels mentioned above.