Mohammed Isah
11-09-2008, 08:00 AM
EURUSD: Break Of The 1.5298 Level Or The 1.2330 Level To Trigger Directional Moves.
EURUSD- While EUR remains trapped between the 1.3298 level, its Oct 30’08 high and the 1.2330 level, its YTD low, medium term decline off the 1.6038 high remains on hold. This now puts the pair on a consolidation to sideways path until meaningful directional moves is activated through a break either way(1.2330 or 1.3298).The entire G10 currency complex and our 7 currency model with the exception of USDJPY remains in corrective phases suggesting that on ending those corrective recoveries the various pairs should resume their primary trends.EUR is in alignment with this view and the 1.2330 and beyond are expected to be tested and finally broken to resume its medium term decline towards the 1.2134 level, its .50 Ret (its 0.8231-1.6038 high, monthly chart) ahead of the 1.1827 level, its Mar’06 low and subsequently its Nov’05 low at 1.1640.Resistance is initially located at 1.3116 level, representing its Nov 05’08 high where a break higher could target the 1.3259/98 level, its Oct 10’08 low/Oct 30’08 high. This is the location of its current range top and decisively clearing there will set the pay up for a run at the 1.3666 level, its Dec’04 high.On the whole, we still retain our medium term bearish bias and expect the pair to head to the downside after completing its corrective price activities.
Directional Bias:
Nearer Term –Mixed
Short Term –Bearish
Medium Term –Bearish
Performance in %:
Past Week: +0.29%
Past Month: -5.03%
Past Quarter: -9.87%
Year To Date: -12.50%
Weekly Range:
High -1.3116
Low -1.2527
To view the full analysis please visit http://www.fxtechstrategy.com/index.php?option=com_content&view=article&id=14&Itemid=57
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- While EUR remains trapped between the 1.3298 level, its Oct 30’08 high and the 1.2330 level, its YTD low, medium term decline off the 1.6038 high remains on hold. This now puts the pair on a consolidation to sideways path until meaningful directional moves is activated through a break either way(1.2330 or 1.3298).The entire G10 currency complex and our 7 currency model with the exception of USDJPY remains in corrective phases suggesting that on ending those corrective recoveries the various pairs should resume their primary trends.EUR is in alignment with this view and the 1.2330 and beyond are expected to be tested and finally broken to resume its medium term decline towards the 1.2134 level, its .50 Ret (its 0.8231-1.6038 high, monthly chart) ahead of the 1.1827 level, its Mar’06 low and subsequently its Nov’05 low at 1.1640.Resistance is initially located at 1.3116 level, representing its Nov 05’08 high where a break higher could target the 1.3259/98 level, its Oct 10’08 low/Oct 30’08 high. This is the location of its current range top and decisively clearing there will set the pay up for a run at the 1.3666 level, its Dec’04 high.On the whole, we still retain our medium term bearish bias and expect the pair to head to the downside after completing its corrective price activities.
Directional Bias:
Nearer Term –Mixed
Short Term –Bearish
Medium Term –Bearish
Performance in %:
Past Week: +0.29%
Past Month: -5.03%
Past Quarter: -9.87%
Year To Date: -12.50%
Weekly Range:
High -1.3116
Low -1.2527
To view the full analysis please visit http://www.fxtechstrategy.com/index.php?option=com_content&view=article&id=14&Itemid=57
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.