Mohammed Isah
09-30-2008, 01:11 AM
EURUSD: EUR Takes Out The 1.4542/71 Zone, Risk Has Opened Up Towards the 1.4152 Level
EURUSD: A collapse further in price on Monday saw EUR cutting through its support at the 1.4542/71 zone (Aug 26’08/Sept 18’08 lows) to begin the week closing lower at 1.4368.This is coming on the back of its past week lower close. With a clear price momentum switched to the downside and the daily studies bearish and tending lower, EUR is expected to experience further weakness targeting initially the 1.4366/10 zone, its Jan’08/Dec’07 lows and then its Sept 19’08 low at 1.4152.Breaking and holding below the later will clear the way for a move towards the its Sept 16 low at 1.4073 and then the 1.4015 level, its Oct’07 low where a break will put the pair in position to head towards its YTD low at 1.3882.Weakness through there is likely to trigger the resumption of EUR’s decline off the 1.6038 level towards its July’07 high at 1.3852 and possibly beyond. Recovery if seen will expose the 1.4542/71 zone(expected to reverse roles as resistance) followed by the 1.4867 level. Other upside objectives are located at the 1.4951/67 levels, its Nov’07/Feb’08 congestive highs and its May/Jun’08 lows at 1.5263/85.On the whole, the pair has ended its recent corrective recovery off the 1.3882 level and initiated a move towards a retest of the said level in the days and weeks ahead.
Support Comments
1.4366/10 Jan’08/Dec’07 lows
1.4073 Sept 16 low
1.4015 Oct’07 low
1.3882 YTD low
Resistance Comments
1.4542/71 Aug 26’08/Sept 18’08 low
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 collapse further in price on Monday saw EUR cutting through its support at the 1.4542/71 zone (Aug 26’08/Sept 18’08 lows) to begin the week closing lower at 1.4368.This is coming on the back of its past week lower close. With a clear price momentum switched to the downside and the daily studies bearish and tending lower, EUR is expected to experience further weakness targeting initially the 1.4366/10 zone, its Jan’08/Dec’07 lows and then its Sept 19’08 low at 1.4152.Breaking and holding below the later will clear the way for a move towards the its Sept 16 low at 1.4073 and then the 1.4015 level, its Oct’07 low where a break will put the pair in position to head towards its YTD low at 1.3882.Weakness through there is likely to trigger the resumption of EUR’s decline off the 1.6038 level towards its July’07 high at 1.3852 and possibly beyond. Recovery if seen will expose the 1.4542/71 zone(expected to reverse roles as resistance) followed by the 1.4867 level. Other upside objectives are located at the 1.4951/67 levels, its Nov’07/Feb’08 congestive highs and its May/Jun’08 lows at 1.5263/85.On the whole, the pair has ended its recent corrective recovery off the 1.3882 level and initiated a move towards a retest of the said level in the days and weeks ahead.
Support Comments
1.4366/10 Jan’08/Dec’07 lows
1.4073 Sept 16 low
1.4015 Oct’07 low
1.3882 YTD low
Resistance Comments
1.4542/71 Aug 26’08/Sept 18’08 low
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 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.