Daily Technical Strategist
0
0
EURUSD: EUR Collapses, Turns Back Below The 1.5842 Level.
Fri, Jul 4 2008, 09:02 GMT
by Mohammed Isah
EURUSD: EUR collapsed off its intra day high of 1.5908 Thursday through the 1.5842 level, its Jun 09’08 high to close the session at 1.5685.Overbought unwinding has been triggered as its stochastics has turned lower from its overbought territory indicating that lower prices could be seen in the days ahead. In such a case, the 1.5650 level, representing its Jun 20’08 high will be initially targeted accompanied by the 1.5510 level, its April 03’08 low ahead of the 1.5360/64 zone, its .382 Fib Ret/ Jun 05’08 low. Below there will leave the pair pushing further lower towards its May 08’08 low at 1.5283 and then its .50 Ret (1.4309-1.6018 high) at 1.5164.On the other hand, a return back above the 1.5842 level followed with a break above its mentioned intra day high at 1.5908 is now required to bring upside gains to its YTD high at 1.6018.On the whole, while the present weakness looks to head further lower, doing so within its sideways trading will suggest a move possibly towards the 1.5283 level.
| Support | Comments |
| 1.5650 | Jun 20’08 high |
| 1.5593 | May 06’08 high |
| 1.5510 | April 03’08 low |
| 1.5360/64 zone, its .382 Fib Ret/ | Jun 05’08 low |
| Resistance | Comments |
| 1.5817/42 high | May 27’08/Jun 09’08 |
| 1.5895/I 5912 | Mar 31’08 high/April 10’08 high |
| 1.6018 | YTD high |
Published on Fri, Jul 4 2008, 09:05 GMT
Archive
- moreGBPUSD: Faces Downside Pressure Nearer Term
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
FXTechstrategy
http://www.fxtechstrategy.com/ | m.isah@fxtechstrategy.com
Legal disclaimer and risk disclosure
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.Interested in forex trading? forex brokerage firms!
GET CASH BACK FOR YOUR TRADES! Learn more about the Pip Rebate Program
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
©2009 "FXstreet.com. The Forex Market" All Rights Reserved.