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EURUSD: Clears Its Dec'07 Low, Turns Attention To The 1.4014 Level
Fri, Sep 5 2008, 13:28 GMT
by Mohammed Isah
EURUSD: Weakness through its Wednesday low at 1.4386 saw EUR break and close below another strong resistance at the 1.4310 level(its Dec’07 high) opening the door for lower prices towards a key support residing at the 1.4015 level, its Oct’07 low.If a continued decline persists, its July’07 high at 1.3852 will be targeted. Weekly and monthly studies are trending lower suggesting further declines could be seen. On the upside, its invalidated support at 1.4310 should now reverse roles and provide resistance. However, if a corrective recovery materializes through there, its Jan 22’08/Sept 03’08 lows at 1.4364/86 will be aimed at with additional strength if seen paving the way for a push towards the 1.4595/65 zone, its broken LT rising trendline/Aug 26’08 low/broken range break price target. On the whole, with a fresh phase of weakness triggered, EUR is now poised to head towards its key support resting at 1.4015 and possibly lower
Support Comments
1.4014 Oct’07 low
1.3852 July’07 high
1.3361 Aug’07 high
Resistance Comments
1.4309 Dec’07 low
1.4364/86 Jan 22’08/Sept 03’08 lows
1.4595/65 Broken LT Rising trendline/Range Break Price Target
1.4630 Aug 19’08 low
Published on Fri, Sep 5 2008, 13:35 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
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