Mohammed Isah
10-02-2008, 06:14 AM
EURUSD: Decisive Break and Close Below The 1.3882 Level To Expose The 1.3852 And Beyond.
EURUSD: EUR was seen weakening through its YTD low at 1.3882 in early morning trading today. This is coming on the back of its Wednesday losses following its recent recovery failure at the 1.4867 level on Sept 22’08.Convincingly taking out the 1.3882 level will pave the way for a run at the 1.3852 level, its July’07 high followed by its April’07 high at 1.3682 and then its Dec’04 high/August’07 low at 1.3366/61.This view remains in alignment with its medium term weakness of the 1.6038 level as well as its bearish daily studies. Resistance levels reside at the 1.4015 level, its Oct’07 low followed by its Sept 16’08 low at 1.4073 low with a turn above the latter setting the stage for a move towards the 1.4366/10 zone, its Jan’08/Dec’07 lows at first and later the 1.4542/71 zone, its Aug 26’08/Sept 18’08 lows. On the whole, persistent daily losses continue to suggest that a decisive break of the 1.3882 level and the resumption of its medium term downtrend are now shaping up.
Support Comments
1.3882 YTD low
1.3852 July’07 high
1.3682 April’07 high
1.3366/61 Dec’04 high/August’07 low
Resistance Comments
1.4073 Sept 16’08 low
1.4015 Oct’07 low
1.4152 Sept 19’08 low
1.4366/10 Jan’08/Dec’07 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: EUR was seen weakening through its YTD low at 1.3882 in early morning trading today. This is coming on the back of its Wednesday losses following its recent recovery failure at the 1.4867 level on Sept 22’08.Convincingly taking out the 1.3882 level will pave the way for a run at the 1.3852 level, its July’07 high followed by its April’07 high at 1.3682 and then its Dec’04 high/August’07 low at 1.3366/61.This view remains in alignment with its medium term weakness of the 1.6038 level as well as its bearish daily studies. Resistance levels reside at the 1.4015 level, its Oct’07 low followed by its Sept 16’08 low at 1.4073 low with a turn above the latter setting the stage for a move towards the 1.4366/10 zone, its Jan’08/Dec’07 lows at first and later the 1.4542/71 zone, its Aug 26’08/Sept 18’08 lows. On the whole, persistent daily losses continue to suggest that a decisive break of the 1.3882 level and the resumption of its medium term downtrend are now shaping up.
Support Comments
1.3882 YTD low
1.3852 July’07 high
1.3682 April’07 high
1.3366/61 Dec’04 high/August’07 low
Resistance Comments
1.4073 Sept 16’08 low
1.4015 Oct’07 low
1.4152 Sept 19’08 low
1.4366/10 Jan’08/Dec’07 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.