Mohammed Isah
09-28-2008, 09:19 AM
EURUSD: Recovery Stalls Ahead Of the 1.4951/67 levels, Prints A Shooting Star Candle Pattern
EURUSD- EUR’s rise off its YTD low at 1.3882 suffered a setback the past week stalling at the 1.4867(Sept 22’08 high) level and turning back ahead of the 1.4951/67 levels, its Nov’07/Feb’08 congestive highs close the week at 1.4609.It is now spotting a shooting star candle pattern, an upside reversal signal. The 1.4481/1.4542 area, its Sept 15 &18’08 highs is now exposed on continued weakness with a break and hold below there activating further losses towards the 1.4366/10 zone, its Jan’08/Dec’07 lows ahead of its Sept 16 low at 1.4073 and subsequently the 1.4015 level, its Oct’07 low. Below the latter will target the 1.3882 and possibly even lower. Daily studies remain supportive of this view. Alternatively, breaking back above the 1.4867 level will be required to trigger its halted recovery off the 1.3882 level towards the 1.4909 level, its Aug 21’08 high at first and then the 1.4951/67 levels. Another upside objective resides at the May/Jun’08 lows at 1.5263/85 on overcoming the latter level. On the whole, the 1.4481/1.4542 area has to cleanly be broken to create downside pressure and trigger further losses. Until that happens maintaining above the mentioned zone could put the pair on the path of consolidation to upside gains.
Directional Bias:
Nearer Term –Bearish
Short Term –Mixed
Medium Term –Bearish
Performance in %:
Past Week: +0.99%
Past Month: -5.85%
Past Quarter: +0.01%
Year To Date:-0.15%
Weekly Range:
High -1.4867
Low -1.4437
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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’s rise off its YTD low at 1.3882 suffered a setback the past week stalling at the 1.4867(Sept 22’08 high) level and turning back ahead of the 1.4951/67 levels, its Nov’07/Feb’08 congestive highs close the week at 1.4609.It is now spotting a shooting star candle pattern, an upside reversal signal. The 1.4481/1.4542 area, its Sept 15 &18’08 highs is now exposed on continued weakness with a break and hold below there activating further losses towards the 1.4366/10 zone, its Jan’08/Dec’07 lows ahead of its Sept 16 low at 1.4073 and subsequently the 1.4015 level, its Oct’07 low. Below the latter will target the 1.3882 and possibly even lower. Daily studies remain supportive of this view. Alternatively, breaking back above the 1.4867 level will be required to trigger its halted recovery off the 1.3882 level towards the 1.4909 level, its Aug 21’08 high at first and then the 1.4951/67 levels. Another upside objective resides at the May/Jun’08 lows at 1.5263/85 on overcoming the latter level. On the whole, the 1.4481/1.4542 area has to cleanly be broken to create downside pressure and trigger further losses. Until that happens maintaining above the mentioned zone could put the pair on the path of consolidation to upside gains.
Directional Bias:
Nearer Term –Bearish
Short Term –Mixed
Medium Term –Bearish
Performance in %:
Past Week: +0.99%
Past Month: -5.85%
Past Quarter: +0.01%
Year To Date:-0.15%
Weekly Range:
High -1.4867
Low -1.4437
To receive this technical 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.