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EURUSD: EUR's LT Rising Trendline Provides Support, Downside Weakness Remains
Wed, Aug 27 2008, 14:20 GMT
by Mohammed Isah
EURUSD: While the resumption of EUR’s decline off the 1.6037 high was seen Tuesday pushing it to a new six-month low of 1.4570 and testing its LT trendline at 1.4580, intra day recovery off the latter saw the pair close at 1.4646.Broader bias remains to the downside but as long as the said LT trendline continues to provide support, consolidation to corrective recovery could occur nearer term. Supports are located at its August 19’08 low at 1.4630 and its LT trendline/range breakout point at 1.4580/65 initially with a loss of the latter risking further weakness towards the 1.4364 level, its Jan 22’08 low and then a distant support residing at the 1.4014 level, its Oct’07 low. A build up on its early morning gains if seen should push the pair towards the 1.4728 level, its .786 Ret (1.4310-1.6038 rally) ahead of the 1.4814 level, its August 12’08 low followed by the 1.4967/51 zone (its range highs from Nov’07 and Jan’08/.618 Ret).On the whole, having initiated a fresh leg of weakness, any recovery higher occurring at this stage should be seen as corrective of its recent decline off the 1.6037.
| Support | Comments |
| 1.4630 | Aug 19’08 low |
| 1.4580/65 | LT Rising trendline/Range Break Price Target |
| 1.4364 | Jan 22’08 low |
| 1.4014 | Oct’07 low |
| Resistance | Comments |
| 1.4728 | .786 Ret |
| 1.4814 | August 12’08 low |
| 1.4967/55 | Nov’07 and Jan’08 highs |
Published on Wed, Aug 27 2008, 14:23 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
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