Mohammed Isah
10-03-2008, 03:56 AM
EURUSD: Clears The 1.3882 Level, Tests The 1.3747 Low.
EURUSD: EUR pushed through and closed below its strong YTD support at 1.3882 Thursday testing a low of 1.3747 before ending the session at 1.3804.While maintaining its current momentum and trading below its invalidated support, weakness is expected towards another key support located at its April’07 high at 1.3682 with a cut through there opening the door for further lower prices towards its Dec’04 high/August’07 low at 1.3366/61.We expect the pair to take a breather after the latter level is achieved. Its daily studies are supportive of this scenario. Strength off the present levels if seen should target the 1.3852/82 zone with a trade above there pushing the pair higher towards the 1.4015 level, its Oct’07 low and then its Sept 16’08 low at 1.4073 low. Above latter will open up upside risk towards the 1.4366/10 zone, its Jan’08/Dec’07 lows. While any signs of weakness in price momentum is yet be seen and having triggered its medium term decline off the 1.6038, EUR is now vulnerable to head further lower.
Support Comments
1.3682 April’07 high
1.3366/61 Dec’04 high/August’07 low
1.3312/1.3264 .618 Ret(1.1640-1.6038 rally)/Jun’07 low
Resistance Comments
1.3852/82 YTD low/July’07 high
1.4015 Oct’07 low
1.4073 Sept 16’08 low
1.4152 Sept 19’08 low
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.
EURUSD: EUR pushed through and closed below its strong YTD support at 1.3882 Thursday testing a low of 1.3747 before ending the session at 1.3804.While maintaining its current momentum and trading below its invalidated support, weakness is expected towards another key support located at its April’07 high at 1.3682 with a cut through there opening the door for further lower prices towards its Dec’04 high/August’07 low at 1.3366/61.We expect the pair to take a breather after the latter level is achieved. Its daily studies are supportive of this scenario. Strength off the present levels if seen should target the 1.3852/82 zone with a trade above there pushing the pair higher towards the 1.4015 level, its Oct’07 low and then its Sept 16’08 low at 1.4073 low. Above latter will open up upside risk towards the 1.4366/10 zone, its Jan’08/Dec’07 lows. While any signs of weakness in price momentum is yet be seen and having triggered its medium term decline off the 1.6038, EUR is now vulnerable to head further lower.
Support Comments
1.3682 April’07 high
1.3366/61 Dec’04 high/August’07 low
1.3312/1.3264 .618 Ret(1.1640-1.6038 rally)/Jun’07 low
Resistance Comments
1.3852/82 YTD low/July’07 high
1.4015 Oct’07 low
1.4073 Sept 16’08 low
1.4152 Sept 19’08 low
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.