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Daily Technical Strategist
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EURUSD: Clears The 1.3882 Level, Tests The 1.3747 Low
Fri, Oct 3 2008, 07:36 GMT
by Mohammed Isah
EURUSD: EUR pushed through and closed below its strong YTD support at 1.3882 Thursday testing a low of 1.3747 before ending the session at 1.3804.While maintaining its current momentum and trading below its invalidated support, weakness is expected towards another key support located at its April’07 high at 1.3682 with a cut through there opening the door for further lower prices towards its Dec’04 high/August’07 low at 1.3366/61.We expect the pair to take a breather after the latter level is achieved. Its daily studies are supportive of this scenario. Strength off the present levels if seen should target the 1.3852/82 zone with a trade above there pushing the pair higher towards the 1.4015 level, its Oct’07 low and then its Sept 16’08 low at 1.4073 low. Above latter will open up upside risk towards the 1.4366/10 zone, its Jan’08/Dec’07 lows. While any signs of weakness in price momentum is yet be seen and having triggered its medium term decline off the 1.6038, EUR is now vulnerable to head further lower.
Support Comments
1.3682 April’07 high
1.3366/61 Dec’04 high/August’07 low
1.3312/1.3264 .618 Ret(1.1640-1.6038 rally)/Jun’07 low
Resistance Comments
1.3852/82 YTD low/July’07 high
1.4015 Oct’07 low
1.4073 Sept 16’08 low
1.4152 Sept 19’08 low
Published on Fri, Oct 3 2008, 07:44 GMT
Archive
- GBPUSD: TrendlineBreak Highlights The 16514 level
Published On Fri, Nov 20 2009, 11:34 GMT - GBPUSD: Weakening And Testing The 1.6681 Level
Published On Thu, Nov 19 2009, 12:12 GMT - EURUSD: Overall Uptrend Remains Intact
Published On Wed, Nov 18 2009, 12:09 GMT - EURGBP: Bows To The 0.8897 Level, Eyes The 0.8838 Level
Published On Tue, Nov 17 2009, 11:28 GMT - EURUSD: Failure Above The 1.5000 Level Keeps Risk Lower
Published On Fri, Nov 13 2009, 17:14 GMT
FXTechstrategy
http://www.fxtechstrategy.com/ | m.isah@fxtechstrategy.com
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