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Daily Technical Strategist
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EURUSD: Break Out Of The Symmetrical Consolidation To Triangle Seen
Fri, Nov 21 2008, 11:58 GMT
by Mohammed Isah
HIGHLIGHTS:
EURUSD: Break Out Of The Symmetrical Consolidation To Triangle Seen- While EUR remains trapped in its triangle pattern as well as the 1.2330 and 1.3298 levels, break out of the mentioned triangle continues to dominate the pair’s price action...
USDCAD: Looks To Take Out The 1.3018 Level -Our call for a return to the 1.3018 level, representing its YTD high continues to pan out Thursday with further strength pushing the pair through the 1.2379 levels, its Oct 31’08 high and its Nov 14’08 high at 1.2447 to close the session higher at 1.2955…
Consolidation To Break Out Of The Symmetrical Triangle Seen
EURUSD: While EUR remains trapped in its triangle pattern as well as the 1.2330 and 1.3298 levels, break out of the mentioned triangle continues to dominate the pair’s price action. Break of the 1.2330 level is envisaged to be triggered as its present consolidative moves remains corrective of its decline started at the 1.6038 level. Support below the latter runs from the 1.2134 level, its .50 Ret (its 0.8231-1.6038 high, monthly chart) to the 1.1827 level, its Mar’06 low while resistance comes in at its Nov 13'08 high at 1.2856 ahead of the 1.3058/05 level, its Oct 23’06 high/.618 Ret (0.8231-1.6038 rally, monthly chart) with a clearance of there setting the stage for a run at the 1.3259/98 level, its Oct 30’08 high/Oct 10’08 low. On the whole, EUR continues to target the 1.2330 level and possibly lower on ending its present corrective price activities.
Support Comments
1.2484 Oct’06 low
1.2330/24 Oct 28’08 low/Jan/April’06 highs
1.2134 .50 Ret (0.8231-1.6038 rally)
1.1827 Mar’06 low
Resistance Comments
1.2866 Jan’07 low
1.3058/05 Oct 23’06 high/.618 Ret (0.8231-
1.6038 rally, monthly chart)
1.3259/98 Oct 30’08 high/Oct 10’08 low
Published on Fri, Nov 21 2008, 12:05 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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