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EURUSD: EUR Resumes Downside Weakness, Cleanly Breaks Below LT Rising Trendline
Tue, Sep 2 2008, 12:25 GMT
by Mohammed Isah
EURUSD: A follow through to downside in early morning trading today on Monday’s saw EUR breaking below its key support levels at the 1.4595/65 level, its LT Rising trendline/Aug 26’08 low/range break price target. This development has now opened up downside risk towards the 1.4364 level, its Jan 22’08 low with a loss of there setting the stage for further lower prices aiming at the 1.4309 level, its Dec’07 high. Evidence is provided by the its weekly and monthly studies which are trending lower. However, the 1.4595/65 level just invalidated should now reverse roles and provide resistance if a bounce occurs at the current price levels leaving its August 19’08 low at 1.4630 as the next upside target if the former gives way. Above here should clear the way for more recovery higher towards the 1.4728 level, its .786 Ret (1.4310-1.6038 rally).On the whole, whatever corrective upmove seen remains temporary and should wane before the pair turns lower again. Until then EUR’s momentum remains to the downside.
| Support | Comments |
| 1.4364 | Jan 22’08 low |
| 1.4309 | Dec’07 low |
| 1.4014 | Oct’07 low |
| Resistance | Comments |
| 1.4595/65 | LT Rising trendline/Aug 26’08 low/Range Break Price Target |
| 1.4630 | Aug 19’08 low |
| 1.4728 | .786 Ret |
| 1.4814 | August 12’08 low |
Published on Tue, Sep 2 2008, 12:42 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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