Daily Technical Strategist
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EURUSD: Weakness Sees EUR Attacking Its LT Rising Trendline
Tue, Aug 26 2008, 15:00 GMT
by Mohammed Isah
EURUSD: A follow–through on Friday and Monday’s weakness saw EUR attacking its LT trendline established since Feb’2006 today.Convincingly invalidating that level will leave the pair vulnerable to the downside towards its range breakout point at 1.4565.If the pair maintains its present weakness and closes lower today, resumption of its medium term decline is expected towards the 1.4364 level, its Jan 22’08 low and a distant support resting at the 1.4014 level, its Oct’07 low. The daily RSI remains supportive of this view. Upside recoveries if seen will now target its August 19’08 low at 1.4630 just eroded ahead of the 1.4728 level, its .786 Ret (1.4310-1.6038 rally).Further out, resistance levels reside at 1.4814 level, its August 12’08 low and the 1.4967/51 zone (its range highs from Nov’07 and Jan’08/.618 Ret).On the whole,EUR looks to resume its medium term downtrend having invalidated the 1.4630 level.
| Support | Comments |
| 1.4580/65 | LT Rising trendline/Range Break Price Target |
| 1.4364 | Jan 22’08 low |
| 1.4014 | Oct’07 low |
| Resistance | Comments |
| 1.4630 | Aug 19’08 low |
| 1.4728 | .786 Ret |
| 1.4814 | August 12’08 low |
| 1.4967/55 | Nov’07 and Jan’08 highs |
Published on Tue, Aug 26 2008, 15:04 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
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