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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
- 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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