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EURUSD: Prints A Shooting Star Candle After Failing At The 1.4719 Level

Fri, Dec 19 2008, 15:04 GMT
by Mohammed Isah

FXTechstrategy


HIGHLIGHTS:

EURUSD: Star Candle After Failing Prints A Shooting At The 1.4719 Level- EUR’s attempt at further upside prices was cut short Thursday reversing lower and closing at 1.4293, forming a shooting star candle pattern(top reversal signal)...

GBPUSD: Failure At Higher Prices To Trigger Declines Towards The 1.4470 Level- GBP followed  through to the downside on Wednesday breaking the 1.5250/65 zone, its Nov 19’08 high/Oct 24’08 low and opening up scope for lower prices towards the 1.5048 level ,its Dec 08’08 high and then the 1.4558 level, its Nov 13’08 low…

EURUSD: Prints A Shooting Star Candle After Failing At The 1.4719 Level.

EURUSD: EUR’s attempt at further upside prices was cut short Thursday reversing lower and closing at 1.4293, forming a shooting star candle pattern(top reversal signal).The pair is experiencing its first downside losses since breaking and closing above the 1.3298 level on Dec 11’08.After going vertical to the upside for days, corrective pullbacks of that short term run will not be a surprise at this stage. We envisage a follow through lower targeting the 1.4073 level, its Sept 16’08 high initially with a penetration and negation of there setting the stage for a decline towards the 1.3882/1.3900 area, its Sept 11’08 high/.618 Ret. The 1.3785 level, its Oct 09’08 high will be  aimed at if an invalidation of the later zone occurs. Upside objectives run from the 1.4310 level, its Dec 20’08 low, its psycho level at 1.3500 to its Sept 22’08 high at 1.4857.On the whole, we could even see a retest of the 1.3298 level if its present corrective pullbacks take the nature of its parabolic move off the 1.2551 level.

Support                Comments

1.4073                 Sept 16’08 high

1.3882/1.3900     Sept 11’08 high/.618 Ret

1.3785                 Oct 09’08 high

Resistance          Comments

1.4310                 Dec 20’08 low

1.4500                 Psycho Level

14857                 Sept 22’08 high

Published on  Fri, Dec 19 2008, 15:13 GMT


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FXTechstrategy http://www.fxtechstrategy.com/ | m.isah@fxtechstrategy.com

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