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EURUSD: Invalidates Minor Resistance At The 1.4814 Level, Corrective Recovery Still On Course
Fri, Aug 22 2008, 14:01 GMT
by Mohammed Isah
EURUSD: While prices broke through the minor resistance at the 1.4814 level, its August 12’08 low Thursday and the daily RSI has pull out of oversold territory, EUR is expected to build on the said recovery higher targeting the 1.4967/51 zone (its range highs from Nov’07 and Jan’08/.618 Ret) and later the 1.5302/1.5283 zone, its May/June’08 lows. We continue to see persistent trading below these levels supporting EUR’s medium term bearish theme while envisaging a resumption of the mentioned bearishness. Support levels are located at its invalidated minor resistance at the 1.4814 level with a break through there setting the stage for further weakness towards the 1.4728 level, its .786 Ret (1.4310- 1.6038 rally) and then its August 19’08 low at 1.4630.Convincingly taking out the latter will turn focus to its range breakout price objective at 1.4565 followed by the 1.4364 level, its Jan 22’08 low. On the whole, present recovery off the 1.4630 low looks to head further higher but as long as such strength is capped by the 1.4967/51 zone or even the 1.5302/1.5283 zone, its medium term downside is set to resume.
| Support | Comments |
| 1.4728 | .786 Ret |
| 1.4570/65 | LT Rising trendline/Range Break Price Target |
| 1.4364 | Jan 22’08 low |
| 1.4014 | Oct’07 low |
| Resistance | Comments |
| 1.4814 | August 12’08 low |
| 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 Fri, Aug 22 2008, 14:04 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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