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EURUSD: Momentum Subsides, Nearer Term Corrective Recovery Could Shaping Up
Wed, Oct 8 2008, 14:54 GMT
by Mohammed Isah
- EURUSD: Momentum Subsides, Nearer Term Corrective Recovery Could Shaping Up-EUR closed higher Tuesday after hitting an intra day high of 1.3743 off its recent low at 1.3443…
- GBPUSD: Bounces Off Intra Day Low, Trades Above The 1.7447 Level-After an intra day weakness saw the pair decline to its lowest price since late April’06,recovery off that low followed pushing GBP higher to close the session at 1.7464…
EURUSD: EUR closed higher Tuesday after hitting an intra day high of 1.3743 off its recent low at 1.3443. This development is coming on the back of the pair’s collapse and subsequent decline through its key support at the 1.3852/82 zone, its Sept 11’08 low/July’07 high to print its lowest price since Aug’07.That leaves both its short and medium term trend to the downside with any strength seen as corrective. Any nearer term corrective upside will be met with a strong support turned resistance at the 1.3682/66 zone, its April’07/Dec’04 highs with further gains aiming at 1.3682/66 zone, its April’07/Dec’04 highs and then the 1.3852/82 levels. This area should reverse roles and provide resistance before turning the pair lower again. Immediate support runs through the 1.3443 level and its Dec’04 Mohammed Isah Technical Strategist m.isah@fxtechstrategy.com 2 high/August’07 low at 1.3366/61 with a break there targeting the 1.3312/1.3264 zone, its .618 Ret (1.1640-1.6038 rally)/Jun’07 low. On the whole, weakness in momentum should keep the pair vulnerable to corrective recovery in the near term while retaining its bearish broader bias
Support Comments
1.3682/66 April’07/Dec’04 highs
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
1.3852/82 Sept 11’08 low/July’07 high
1.4015 Oct’07 low
1.4073 Sept 16’08 low
Published on Wed, Oct 8 2008, 14:59 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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