Mohammed Isah
09-11-2008, 07:17 AM
EURUSD: Loss Of The 1.4015 Level Opens Up Risk Towards The 1.3852 Low
EURUSD: EUR sold off sharply lower Wednesday breaking below its strong support at the 1.4015 level, its Oct’07 low and confirming further bearish momentum. This development has now opened up downside risk towards another key support cutting in at the 1.3852 level, its July’07 low where a break could bring additional downside pressure aiming at the 1.3361 level, its Aug’07 low. Decisively penetrating and negating the latter will set the stage for further declines towards the 1.3264 level, its Jun’07.The weekly and monthly studies continue to back this view. If corrective recovery is seen at this stage, its eroded support should reverse roles and provide resistance with further strength through there if seen paving the way for further upmove towards the 1.4197 level, its Sept 05’08 low ahead of the 1.4366/10 zone, its Jan’08/Dec’07 lows followed by another resistance residing at its Sept 08’08 high at 1.4429.On the whole, persistent downside weakness has left the pair targeting additional support at 1.3852 and a distant one at 1.3361.
Support Comments
1.3852 July’07 high
1.3361 Aug’07 low
1.3264 July’07 low
Resistance Comments
1.4015 Oct’07 low
1.4197 Sept 05’08 low
1.4366/10 Jan’08/Dec’07 lows
1.4429 Sept 08’08
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This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are those of FXTechstrategy.com own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which FXTechstrategy.com incurs any responsibility. FXTstrategy.com does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report.
EURUSD: EUR sold off sharply lower Wednesday breaking below its strong support at the 1.4015 level, its Oct’07 low and confirming further bearish momentum. This development has now opened up downside risk towards another key support cutting in at the 1.3852 level, its July’07 low where a break could bring additional downside pressure aiming at the 1.3361 level, its Aug’07 low. Decisively penetrating and negating the latter will set the stage for further declines towards the 1.3264 level, its Jun’07.The weekly and monthly studies continue to back this view. If corrective recovery is seen at this stage, its eroded support should reverse roles and provide resistance with further strength through there if seen paving the way for further upmove towards the 1.4197 level, its Sept 05’08 low ahead of the 1.4366/10 zone, its Jan’08/Dec’07 lows followed by another resistance residing at its Sept 08’08 high at 1.4429.On the whole, persistent downside weakness has left the pair targeting additional support at 1.3852 and a distant one at 1.3361.
Support Comments
1.3852 July’07 high
1.3361 Aug’07 low
1.3264 July’07 low
Resistance Comments
1.4015 Oct’07 low
1.4197 Sept 05’08 low
1.4366/10 Jan’08/Dec’07 lows
1.4429 Sept 08’08
To receive this report and more please visit www.fxtechstrategy.com
This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are those of FXTechstrategy.com own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which FXTechstrategy.com incurs any responsibility. FXTstrategy.com does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report.