Mohammed Isah
09-21-2008, 10:12 AM
EURUSD: Continued Recovery Offensive Likely, The 1.4542/71 Area To Trigger Further Upside Gains.
EURUSD- Even though hesitation was seen turning the pair off higher prices(1.4481 & 1.4542) twice within last week, Friday’s reversal of its intra-day losses saw EUR follow through to the upside on its hammer candle formation to close the week higher at 1.4466.This is its first weekly gains since starting its second leg of decline in August off its YTD high at 1.6038.With its corrective recovery off its Sept 11’08 low at 1.3882 now poised to head higher, its Sept 15 &18’08 highs at 1.4481/1.4542 must be cleanly surpassed to bring the continuation of the mentioned recovery towards the 1.4571 level, its Aug 26’08 low with a turn above there triggering higher prices aiming at the 1.4909 level, its Aug 21’08 high. Its daily studies are positive and heading higher. The pair’s recovery should stall at the latter level and then turn lower again in line with its medium term downtrend. Immediate support lies at the 1.4366/10 zone, its Jan’08/Dec’07 lows before its Sept 16 low at 1.4073 and next the 1.4015 level, its Oct’07 low with its July’07/Sept’08 lows at 1.3882/52 serving as its trigger for the resumption of its decline off the 1.6038 level. On the whole, EUR has followed through on its recovery off the 1.3882 low suggesting that a decisive clearance of the 1.4481/1.4542 area should trigger further upside gains.
Directional Bias:
Nearer Term –Bullish
Short Term –Bearish
Medium Term –Bearish
Performance in %:
Past Week: +1.72%
Past Month: -5.85%
Past Quarter: +0.01%
Year To Date:-0.83%
Weekly Range:
High -1.4542
Low -1.4073
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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- Even though hesitation was seen turning the pair off higher prices(1.4481 & 1.4542) twice within last week, Friday’s reversal of its intra-day losses saw EUR follow through to the upside on its hammer candle formation to close the week higher at 1.4466.This is its first weekly gains since starting its second leg of decline in August off its YTD high at 1.6038.With its corrective recovery off its Sept 11’08 low at 1.3882 now poised to head higher, its Sept 15 &18’08 highs at 1.4481/1.4542 must be cleanly surpassed to bring the continuation of the mentioned recovery towards the 1.4571 level, its Aug 26’08 low with a turn above there triggering higher prices aiming at the 1.4909 level, its Aug 21’08 high. Its daily studies are positive and heading higher. The pair’s recovery should stall at the latter level and then turn lower again in line with its medium term downtrend. Immediate support lies at the 1.4366/10 zone, its Jan’08/Dec’07 lows before its Sept 16 low at 1.4073 and next the 1.4015 level, its Oct’07 low with its July’07/Sept’08 lows at 1.3882/52 serving as its trigger for the resumption of its decline off the 1.6038 level. On the whole, EUR has followed through on its recovery off the 1.3882 low suggesting that a decisive clearance of the 1.4481/1.4542 area should trigger further upside gains.
Directional Bias:
Nearer Term –Bullish
Short Term –Bearish
Medium Term –Bearish
Performance in %:
Past Week: +1.72%
Past Month: -5.85%
Past Quarter: +0.01%
Year To Date:-0.83%
Weekly Range:
High -1.4542
Low -1.4073
To receive this 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.