Mohammed Isah
09-25-2008, 07:00 AM
EURUSD: EUR Continues To Trade Above The 1.4542/71 Zone.
EURUSD: A second day of downside losses was recorded Wednesday following the pair’s failure at the 1.4867 level printed on Sept 22’08.Athough the said corrective failure is not over yet and should target the 1.4542/71 zone (Aug 26’08/Sept 18’08 lows),price action in early morning trading today saw the pair heading higher off its yesterday low at 1.4604 suggesting that as long as EUR continues to trade above the 1.4542/71 zone, consolidation to upside gains targeting the 1.4867 high is likely. Recapturing and maintaining above that level will clear the way for a run at the 1.4951/67 levels, its Nov’07/Feb’08 congestive highs and then its May/Jun’08 lows at 1.5263/85.These levels as referenced in our previous analyses are expected to present considerable resistance and turn the pair back down again. On the downside, support levels are located at the 1.4542/71 zone (Aug 26’08/Sept 18’08 lows) and the 1.4366/10 zone, its Jan’08/Dec’07 lows with further decline through the latter paving the way for a move towards its Sept 16 low at 1.4073 followed by the 1.4015 level, its Oct’07 low. Overbought condition on the daily time frame remains supportive of this view. On the hold, while medium term decline off the 1.6038 level is now on hold and nearer term recovery remains in effect, that recovery remains corrective of the 1.6038-1.3882 decline.
Support Comments
1.4542/71 Aug 26’08/Sept 18’08 low
1.4366/10 Jan’08/Dec’07 lows
1.4073 Sept 16 low
1.4015 Oct’07 low
Resistance Comments
1.4867 Sept 22’08
1.4951/67 Nov’07/Feb’08 congestive highs
1.5263/85 May/Jun’08 lows
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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: A second day of downside losses was recorded Wednesday following the pair’s failure at the 1.4867 level printed on Sept 22’08.Athough the said corrective failure is not over yet and should target the 1.4542/71 zone (Aug 26’08/Sept 18’08 lows),price action in early morning trading today saw the pair heading higher off its yesterday low at 1.4604 suggesting that as long as EUR continues to trade above the 1.4542/71 zone, consolidation to upside gains targeting the 1.4867 high is likely. Recapturing and maintaining above that level will clear the way for a run at the 1.4951/67 levels, its Nov’07/Feb’08 congestive highs and then its May/Jun’08 lows at 1.5263/85.These levels as referenced in our previous analyses are expected to present considerable resistance and turn the pair back down again. On the downside, support levels are located at the 1.4542/71 zone (Aug 26’08/Sept 18’08 lows) and the 1.4366/10 zone, its Jan’08/Dec’07 lows with further decline through the latter paving the way for a move towards its Sept 16 low at 1.4073 followed by the 1.4015 level, its Oct’07 low. Overbought condition on the daily time frame remains supportive of this view. On the hold, while medium term decline off the 1.6038 level is now on hold and nearer term recovery remains in effect, that recovery remains corrective of the 1.6038-1.3882 decline.
Support Comments
1.4542/71 Aug 26’08/Sept 18’08 low
1.4366/10 Jan’08/Dec’07 lows
1.4073 Sept 16 low
1.4015 Oct’07 low
Resistance Comments
1.4867 Sept 22’08
1.4951/67 Nov’07/Feb’08 congestive highs
1.5263/85 May/Jun’08 lows
To receive this technical report and 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.