Mohammed Isah
10-05-2008, 04:59 AM
EURUSD: Resumption Of Medium Term Decline Risks Weakness Towards The 1.3682 And 1.3366/61 Levels.
EURUSD- EUR’s medium term downside pressure continues to be supported by negative closes recorded by its quarterly, monthly and weekly charts and the fact that a fresh leg of decline was triggered by a loss of its YTD low at 1.3882 on Friday following the completion of its nearer term recovery at 1.4869.EUR’s vulnerability to further downside losses is now expected towards its April’07 high at 1.3682 with a clean break lower targeting its Dec’04 high/August’07 low at 1.3366/61 and possibly lower aiming at the 1.3264 level, which marks its Jun’07 low.Alternatively,the pair’s eroded support the 1.3852/82 zone, its YTD low/July’07 high is anticipated to reverse roles and provide resistance but if that fails, further strength should shape towards the 1.4015 level, its Oct’07 low followed by its Sept 16’08 low at 1.4073 low and then the 1.4366/10 zone, its Jan’08/Dec’07 lows. On the whole, as long as the mentioned higher time frame charts continue to point lower, our medium term outlook targets are seen at the 1.3366/61 and the 1.3264 levels.
Directional Bias:
Nearer Term –Bearish
Short Term –Bearish
Medium Term –Bearish
Performance in %:
Past Week: -5.69%
Past Month: -3.77%
Past Quarter: -10.44%
Year To Date:-5.53%
Weekly Range:
High -1.4569
Low -1.3703
To receive this technical report and more please www.fxtechstrategy.com
Mohammed Isah
Technical Strategist
www.fxtechstrategy.com
m.isah@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’s medium term downside pressure continues to be supported by negative closes recorded by its quarterly, monthly and weekly charts and the fact that a fresh leg of decline was triggered by a loss of its YTD low at 1.3882 on Friday following the completion of its nearer term recovery at 1.4869.EUR’s vulnerability to further downside losses is now expected towards its April’07 high at 1.3682 with a clean break lower targeting its Dec’04 high/August’07 low at 1.3366/61 and possibly lower aiming at the 1.3264 level, which marks its Jun’07 low.Alternatively,the pair’s eroded support the 1.3852/82 zone, its YTD low/July’07 high is anticipated to reverse roles and provide resistance but if that fails, further strength should shape towards the 1.4015 level, its Oct’07 low followed by its Sept 16’08 low at 1.4073 low and then the 1.4366/10 zone, its Jan’08/Dec’07 lows. On the whole, as long as the mentioned higher time frame charts continue to point lower, our medium term outlook targets are seen at the 1.3366/61 and the 1.3264 levels.
Directional Bias:
Nearer Term –Bearish
Short Term –Bearish
Medium Term –Bearish
Performance in %:
Past Week: -5.69%
Past Month: -3.77%
Past Quarter: -10.44%
Year To Date:-5.53%
Weekly Range:
High -1.4569
Low -1.3703
To receive this technical report and more please www.fxtechstrategy.com
Mohammed Isah
Technical Strategist
www.fxtechstrategy.com
m.isah@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.