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EURUSD: Consolidation To Recovery Shapes Up
Tue, Aug 19 2008, 13:03 GMT
by Mohammed Isah
EURUSD: Having declined for several weeks and holding below key support turned resistance at the 1.4967/51 zone (its range highs from Nov’07 and Jan’08/.618 Ret) and the 1.5302/1.5283 zone, representing its May/June’08 lows,EUR could be shaping up for consolidation to recovery which both price and its daily studies are now exhibiting. Although a low of 1.4530 was printed in early morning trading today, EUR is now trading within its twoday range supporting the above view. Nearby resistance lies at the 1.4728 level, its .786 Ret (1.4310-1.6038 rally) followed by the 1.5302/1.5283 zone and then the 1.4967/51 zone. On the contrary, if weakness is seen through its range breakout price objective at 1.4565 then the 1.4364 level, its Jan 22’08 low will be aimed at. Our medium term outlook continues to support this view with additional evidence exhibited the weekly and monthly studies. On the whole, EUR’s broader bias remains to the downside but may be preparing corrective recoveries following its recent decline.
| Support | Comments |
| 1.4565 | Range Break Price Target |
| 1.4364 | Jan 22’08 low |
| 1.4014 | Oct’07 low |
| Resistance | Comments |
| 1.4728 | .786 Ret |
| 1.4967/55 | Nov’07 and Jan’08 highs |
| 1.5042/40 | Weekly 50 ema/.618 Ret (1.4438-1.6037 rally |
| 1.5302/1.5283 | May/June’08 lows |
Published on Tue, Aug 19 2008, 13:07 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
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