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EURUSD: Continues To Print Lower Prices, Maintains Its Bearish Broader Bias
Thu, Sep 4 2008, 15:22 GMT
by Mohammed Isah
EURUSD: EUR weakened further lower Wednesday testing a low of 1.4386 before recovering to close higher at 1.4515.Although the formation of a hammer candle (reversal signal) on the back of the said intraday recovery is now in place and the pair now holds above its LT rising trendline suggesting nearer term corrective strength, broader bias remains to the downside as long as the 1.4967/51 zone (its range highs from Nov’07 and Jan’08/.618 Ret) remains unbroken. Immediate resistance levels are seen at the 1.4571 level, its Aug 26’08 low and its Aug 19’08 low at 1.4630.Above here will open up risks towards the 1.4811 level, marking its Aug 28’08 high with a break through there setting up the pair for a run at its Aug 21’08 high at 1.4909.However,breaking and closing back below its LT rising trendline could yield further weakness towards its Sept 03’08/Jan 22’08 lows at 1.4386/64 with a trade below there putting the pair in position to target the 1.4309 level, its Dec’07 high and then its Oct’07 low at 1.4015.On thw whole,higher time frame momentum indicators continue to trend lower suggesting further downside losses.
Support Comments
1.4386/64 Sept 03’08/Jan 22’08 low
1.4309 Dec’07 low
1.4015 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
1.4811 August 12’08 low
Published on Thu, Sep 4 2008, 15:31 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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