EUR outlook - 16 Feb to 20 Feb 2009

For the past week, EUR has been trading between 1.3093 and 1.2721. On the daily charts, it has been in a consolidation for the past week.

Obama has gotten his stimulus package approved and i think the EUR would respond by moving up, as long as the support at 1.2700 holds. An upward trend would be confirmed if the price manages to break 1.3100.

If the up move is confirmed, then the projected target would be 1.3500 regions.