EURUSD: EUR could be heading for a fourth day of consecutive downside losses having weakened and closed lower Thursday extending its decline off the 1.5817 high(May 27’08 high).While the pair was seen testing the 1.5460 low and trading below the 1.5510 level, its April 03’08 low in early morning today, risk continues to build to the downside suggesting a move further lower targeting the 1.5360/41 area, its May 02’08/Mar 24’08 lows/.382 Ret (1.4438-1.6018 rally) could follow and later its May 08’08 low at 1.5283.Decisively penetrating the latter will leave EUR aiming at its .50 Ret (1.4309-1.6018 high) at 1.5164.The pair remains supported in its downside quest by its daily Stochastics and RSI.On the upside, recovering from its present price levels could imply an upmove towards the 1.5593 level, its May 06’08 high followed by the 1.5710 level, representing its April 18’08 low ahead of the 1.5895/I 5912 area, its Mar 31’08 high/April 10’08 high and finally its YTD high at 1.6018.On the whole,EUR looks to weaken further suggesting a resumption of its short term downtrend halted at 1.5283 could be activated.
| April 03’08 low |
| .382 Fib Ret/Mar 24’08 low/May 02’08 |
| .50 Ret (1.4309-1.6018 high) |
| May 06’08 high |
| April 18’08 low |
| Mar 31’08 high/April 10’08 High |
| YTD Hig |
