Mohammed Isah
10-01-2008, 07:07 AM
EURUSD: Loss Of The 1.4152 Level Highlights A Retest Of The 1.3882 Level.
EURUSD: EUR continues to weaken breaking through its Sept 19’08 low at 1.4152 and testing a low of 1.4009 before closing Tuesday session at 1.4109.The loss of the 1.4152 level and other layers of support before it has turned focus to the pair’s YTD low at 1.3882 printed in early Sept’08.Although its LT trendline(1.3942) dating back to 2002 creates another support ahead of the latter level, its medium term declines off the 1.6038 which is supportive of its present downside momentum continues to suggest further downside weakness could be witnessed. In such a case, retesting and decisively invalidating the 1.3882 level will target the 1.3852 level, its July’07 high ahead of its April’07 high at 1.3682.Below there will pave the way for further pressure towards its Dec’04 high/August’07 low at 1.3366/61.Its daily studies are in alignment with this view as they are trending lower.Alternatively,if the pair sees any respite at this stage, recovery might be seen towards the 1.4152 level where a break will highlight further strength en route to the 1.4366/10 zone, its Jan’08/Dec’07 lows followed by the 1.4542/71 zone, its Aug 26’08/Sept 18’08 lows. The next resistance level above there lies at the 1.4951/67 levels, its Nov’07/Feb’08 congestive highs. On the whole, with sustained downside momentum remaining in place, EUR now targets the 1.3882 level and possibly beyond.
Support Comments
1.4073 Sept 16 low
1.4015 Oct’07 low
1.3882 YTD low
1.3852 July’07 high
Resistance Comments
1.4152 Sept 19’08 low
1.4366/10 Jan’08/Dec’07 lows
1.4542/71 Aug 26’08/Sept 18’08 low
1.4867 Sept 22’08
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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 continues to weaken breaking through its Sept 19’08 low at 1.4152 and testing a low of 1.4009 before closing Tuesday session at 1.4109.The loss of the 1.4152 level and other layers of support before it has turned focus to the pair’s YTD low at 1.3882 printed in early Sept’08.Although its LT trendline(1.3942) dating back to 2002 creates another support ahead of the latter level, its medium term declines off the 1.6038 which is supportive of its present downside momentum continues to suggest further downside weakness could be witnessed. In such a case, retesting and decisively invalidating the 1.3882 level will target the 1.3852 level, its July’07 high ahead of its April’07 high at 1.3682.Below there will pave the way for further pressure towards its Dec’04 high/August’07 low at 1.3366/61.Its daily studies are in alignment with this view as they are trending lower.Alternatively,if the pair sees any respite at this stage, recovery might be seen towards the 1.4152 level where a break will highlight further strength en route to the 1.4366/10 zone, its Jan’08/Dec’07 lows followed by the 1.4542/71 zone, its Aug 26’08/Sept 18’08 lows. The next resistance level above there lies at the 1.4951/67 levels, its Nov’07/Feb’08 congestive highs. On the whole, with sustained downside momentum remaining in place, EUR now targets the 1.3882 level and possibly beyond.
Support Comments
1.4073 Sept 16 low
1.4015 Oct’07 low
1.3882 YTD low
1.3852 July’07 high
Resistance Comments
1.4152 Sept 19’08 low
1.4366/10 Jan’08/Dec’07 lows
1.4542/71 Aug 26’08/Sept 18’08 low
1.4867 Sept 22’08
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.