Daily Technical Strategist
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EURUSD: EUR Remains Vulnerable, Attacks On The 1.5360/41 Zone Remains In Force
Thu, May 8 2008, 11:06 GMT
by Mohammed Isah
EURUSD: Although the pair’s broader bias (medium and long term) remains to the upside, a decisive break of its May 02’08/Mar 24’08 lows/.382 Ret(1.4438-1.6018 rally) at 1.5360/41 could put that view on hold and bring price acceleration towards its .50 Ret (1.4309-1.6018 high) at 1.5150 and beyond. Weekly momentum indicators and daily RSI remain supportive of this view as they are pointing lower. However, continued trading and holding above the 1.5360/41 area may trigger a recovery higher correcting its present decline off its YTD high at 1.6018 towards the 1.5510 level, its April 03’08 low at first and later the 1.5626/00 zone, its April 07’08 low/psycho level followed by the 1.5710 level, its April 18’08 low. Above there will pave the way for a run at the 1.5895/I 5912 area, its Mar 31’08/April 10’08 highs and then its psycho level/YTD high at 1.6000/18.On the whole, EUR’s longer term trend still remains to the upside as the pair faces short term decline.
| Support | Comments |
| 1.5360/41 | .382 Fib Ret/Mar 24’08 low/May 02’08 |
| 1.5164 | .50 Ret (1.4309-1.6018 high) |
| 1.5048 | .618 Ret |
| Resistance | Comments | |
| 1.5626/00 | April 07’08 low/Psycho Level | |
| 1.5710 | April 18’08 low | |
| 1.5895/I 5912 | Mar 31’08 high/2008 Peak | |
| 1.6000/18 | Psycho Level/YTD high |
Published on Thu, May 8 2008, 11:16 GMT
Archive
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Published On Fri, Jul 3 2009, 11:15 GMT - GBPUSD: Loses Upside Momentum, Faces Downside Weakness
Published On Thu, Jul 2 2009, 12:42 GMT - GBPUSD: Follow Through On Loss Of Upside Momentum Triggered
Published On Wed, Jul 1 2009, 13:49 GMT - EURGBP Attempts At Higher Prices
Published On Tue, Jun 30 2009, 14:16 GMT - EURUSD: Hitting Its Broken Channel Top
Published On Fri, Jun 26 2009, 09:19 GMT
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