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EURUSD: EUR Set To Retarget The 1.23330 Level
Tue, Dec 2 2008, 13:20 GMT
by Mohammed Isah
HIGHLIGHTS:
EURUSD: EUR Set To Retarget The 1.23330 Level- While the pair continues to maintain its broader range between the 1.2330 and the 1.3298 levels, its recovery started at the 1.2423 level, its Nov 20’08 low has reversed pushing it back below the 1.2814 level, its Nov 19’08 high to close lower at 1.2691 on Monday...
USDJPY: Declines Decisively Through the 93.56 level- We continue to view this break leading to further declines towards its YTD low at 90.91 with a loss of there setting the pair up for lower prices targeting the 86.52 level, its 1.618 Fib Ext and the 79.70 level, its April’1995 low…
EUR Set To Retarget The 1.23330 Level.
EURUSD: While the pair continues to maintain its broader range between the 1.2330 and the 1.3298 levels, its recovery started at the 1.2423 level, its Nov 20’08 low has reversed pushing it back below the 1.2814 level, its Nov 19’08 high to close lower at 1.2691 on Monday. As long as the pair continues to maintain its present downside tone, a return to its YTD low at 1.2330 is likely with a turn below there triggering the resumption its medium term declines towards the 1.2134 level, its .50 Ret (its 0.8231-1.6038 high, monthly chart) and later the 1.1827 level, its Mar’06 low . Resistance now runs through the 1.2814 level, its Nov 19’08 high ahead of its Nov 25 & 05’08 highs at 1.3081/1.3116 and subsequently the 1.3298 level. We expect the pair to continue to face downside pressure especially now that price action and daily studies are pointing lower. On the whole, failure at higher level prices has increased the odds of a return to the 1.2330 level with a break through there envisaged.
Support Comments
1.2484 Oct’06 low
1.2330/24 Oct 28’08 low/Jan/April’06 highs
1.2134 .50 Ret (0.8231-1.6038 rally)
Resistance Comments
1.2814 Nov 19’08 high
1.3058/05 Oct 23’06 high/.618 Ret (0.8231- 1.6038 rally, monthly chart)
1.3259/98 Oct 30’08 high/Oct 10’08 low
Published on Tue, Dec 2 2008, 13:20 GMT
Archive
- EURUSD: EUR Set To Retarget The 1.23330 Level
Published On Tue, Dec 2 2008, 13:20 GMT - EURUSD: Recovery Started At The 1.2423 Level Remains in Force
Published On Thu, Nov 27 2008, 11:46 GMT - EURUSD: EUR Sustains Upside Gains, Highlights The 1.3298 Level
Published On Wed, Nov 26 2008, 13:56 GMT - EURUSD: Resolution To The Upside Leaves Range Top(Triangle 1.3298) As Next Target
Published On Tue, Nov 25 2008, 13:19 GMT - EURUSD: Break Out Of The Symmetrical Consolidation To Triangle Seen
Published On Fri, Nov 21 2008, 11:58 GMT
FXTechstrategy
http://www.fxtechstrategy.com/ | m.isah@fxtechstrategy.com
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