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EURUSD: While The 1.3882 & 1.3666 Levels Hold, Momentum Triggered At The 1.4867 Level Is Set To Continue
Tue, Oct 7 2008, 10:53 GMT
by Mohammed Isah
EURUSD: Having opened the week sharply lower trading to a low of 1.3443 on Monday, EUR is now expected to head further lower in continuation of its medium term downtrend triggered yesterday. Violation of a key support level at the 1.3682/66 zone, its April’07/Dec’04 highs has now pave the way for additional decline towards its Dec’04 high/August’07 low at 1.3366/61.Below there will bring EUR towards the 1.3312/1.3264 zone, its .618 Ret(1.1640- 1.6038 rally)/Jun’07 low. Higher timeframe charts are in alignment with this scenario.However, if a recovery from its current decline is activated, the 1.3682/66 zone will be targeted initially ahead of the 1.3852/82 zone, Sept 11’08 low/July’07 high. These levels are expected to cap such upside recovery if seen before the pair turns lower again. Beyond there though not envisaged at the present price should see EUR aiming at the 1.4015 level, its Oct’07 low and then its Sept 16’08 low at 1.4073 low. Our medium term targets residing at the 1.3366/61 and 1.3264 levels are being eyed following Monday declines. On the whole, downside momentum remains intact in the medium term suggesting that further losses in the days and weeks ahead could be seen.
Support Comments
1.3366/61 Dec’04 high/August’07 low
1.3312/1.3264 .618 Ret(1.1640-1.6038 rally)/Jun’07 low
1.2980 Jun’06 high
Resistance Comments
1.3682/66 April’07/Dec’04 highs
1.3852/82 Sept 11’08 low/July’07 high
1.4015 Oct’07 low
1.4073 Sept 16’08 low
Published on Tue, Oct 7 2008, 10:57 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
http://www.fxtechstrategy.com/ | m.isah@fxtechstrategy.com
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