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08-05-2012, 06:06 AM
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Weekly Technical Strategist: EURUSD
EURUSD: Corrects Higher, Further Recovery Risk Likely.
EURUSD: With EUR taking back its earlier losses for the week to close higher on Friday, risk of further upside is now building up. In such a case, further upside is likely to occur in the new week with eyes on the 1.2407 level which also serves as its .50 Fib Ret (1.2748-1.2040 decline). We expect a combination of these levels to turn the pair back lower. However, if this fails, further corrective recovery risk could develop towards the 1.2482 level, its .618 Fib Ret. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, the risk to its present upside offensive will be a return to the 1.2040 level. Below here should target the 1.2000 level, its big psycho level. We expect EUR to face price hesitation ahead of or at this level. In such a case, it could see it back off higher but if that level is breached, the pair should weaken further towards the 1.1950 level. All in all, EUR now faces corrective recovery risks. 
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Mohammed Isah Technical Strategist info@fxstrategy.com www.fxtechstrategy.com Note: This is an excerpt from The Professional Suite, our most popular service, a daily 7 currency model technical research package. Get More Information 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. 
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