Mohammed Isah
09-17-2008, 08:00 AM
EURUSD: Weakness Off The 1.4481 Level Continues To Be Seen.
EURUSD: Having failed to push through the 1.4481 level after embarking on a corrective recovery off its recent low at the 1.3882 level (Sept 11’08 low),EUR continues to face downside pressure trading and closing lower at 1.4073 Tuesday. While the 1.4481 level remains as overhead resistance weakness is expected. In such a case, the 1.4015 area, its Oct’07 low will come in as the first target and then its Sept 11’08/July’07 lows at 1.3882/52.This zone is further supported by its LT rising trendline (weekly chart) dating back to Feb’2002 currently at 1.3915.Breaking and maintaining below this area will put the pair in position to resume its medium term downtrend and decline further towards the 1.3361 level, its Aug’07 low.However,a break above the 1.4481/1.4507 is required to trigger the continuation of its nearer term recovery off the 1.3882 level. If this occurs, its .382 Ret (1.6038-1.3882 decline) at 1.4707 will be aimed at ahead of its Aug 21’08 high at 1.4909.Daily studies are supportive of this scenario as they are now pointing higher. On the whole, while vulnerability of lower prices continues to be expected, breaking and closing above the 1.4481 level will be needed to now put that view temporary on hold.
Support Comments
1.4015 Oct’07 low
1.3882/52 Sept 11’08 low/July’07 high
1.3361 Aug’07 low
1.3264 July’07 low
Resistance Comments
1.4366/10 Jan’08/Dec’07 lows
1.4429 Sept 08’08
1.4481/1.4506 Sept 15’08 high/Broken LT trendline
1.4707 .382 Ret(1.6038-1.3882 decline)
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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: Having failed to push through the 1.4481 level after embarking on a corrective recovery off its recent low at the 1.3882 level (Sept 11’08 low),EUR continues to face downside pressure trading and closing lower at 1.4073 Tuesday. While the 1.4481 level remains as overhead resistance weakness is expected. In such a case, the 1.4015 area, its Oct’07 low will come in as the first target and then its Sept 11’08/July’07 lows at 1.3882/52.This zone is further supported by its LT rising trendline (weekly chart) dating back to Feb’2002 currently at 1.3915.Breaking and maintaining below this area will put the pair in position to resume its medium term downtrend and decline further towards the 1.3361 level, its Aug’07 low.However,a break above the 1.4481/1.4507 is required to trigger the continuation of its nearer term recovery off the 1.3882 level. If this occurs, its .382 Ret (1.6038-1.3882 decline) at 1.4707 will be aimed at ahead of its Aug 21’08 high at 1.4909.Daily studies are supportive of this scenario as they are now pointing higher. On the whole, while vulnerability of lower prices continues to be expected, breaking and closing above the 1.4481 level will be needed to now put that view temporary on hold.
Support Comments
1.4015 Oct’07 low
1.3882/52 Sept 11’08 low/July’07 high
1.3361 Aug’07 low
1.3264 July’07 low
Resistance Comments
1.4366/10 Jan’08/Dec’07 lows
1.4429 Sept 08’08
1.4481/1.4506 Sept 15’08 high/Broken LT trendline
1.4707 .382 Ret(1.6038-1.3882 decline)
To receive this technical report and more please visit www.fxtechstrategy.com (http://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.