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Initially for the coming week we will stay neutral till a break over 1.3233 and then 1.3260 does not take place, as we had also mentioned during last weekend and quoted above.
On the upside a firm break above over the Fibonacci 38.2% retracement, as mentioned above and then 1.3260 should take EURUSD towards the resistance zone of 1.3430 to 1.3485 resistance zone. Please note that 1.3434 represents the Fibonacci 50% retracement of the above mentioned move. Not only that but the range of 1.3430 to 1.3550 had proved to be a very strong resistance zone during November 30th to December 9th, 2011. The psychological resistance of 1.3500 would also come into picture at those levels. However a break above this will bring up the possibilities of a test to 1.3620.
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