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EURUSD: Failure Ahead of The 1.3852/82 zone Suggests A Retest of The 1.3443 Level
Fri, Oct 10 2008, 09:39 GMT
by Mohammed Isah
- EURUSD: Failure Ahead of The 1.3852/82 zone Suggests A Retest of The 1.3443 Level.–EUR looks to head to the downside again as its attempt on the upside was halted ahead of the 1.3852/82 zone, its Sept 11’08 low/July’07 high opening up risk towards its YTD low at 1.3443…
- GBPUSD: GBP Clears The 1.7049 Level, Triggers Long Term Downtrend- As highlighted in our Thursday analysis, with a loss of the 1.7049 level achieved and its June’03 high at 1.6857 being challenged in early morning trading today, GBP’slonger term downside weakness has been triggered…
Failure Ahead of The 1.3852/82 zone Suggests A Retest of The 1.3443 Level.
EURUSD: EUR looks to head to the downside again as its attempt on the upside was halted ahead of the 1.3852/82 zone, its Sept 11’08 low/July’07 high opening up risk towards its YTD low at 1.3443.Presence of three shooting star candles remains supportive of the said retest which is also in line with its medium term downtrend. Invalidating the latter will push the pair lower aiming at its Dec’04 high/August’07 low at 1.3366/61 where a break could see EUR weaken further towards the 1.3312/1.3264 zone, its .618 Ret (1.1640-1.6038 rally)/Jun’07 low. On the upside, the 1.3682/66 zone, its April’07/Dec’04 highs will serve as the first target ahead of the 1.3852/82 zone followed by its Oct’07 low at 1.4015 and subsequently its Sept 16’08 low at 1.4073.The daily studies are oversold and a positive divergence is in place supporting a temporary bounce case. On the whole, the pair’s broader bias remains to the downside with any corrective gains seen as short term.
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 Fri, Oct 10 2008, 09:49 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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