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Daily Technical Strategist
EURUSD: Clears The 1.3081 Level, Opens Up Downside Risk
Tue, Jan 20 2009, 13:44 GMT
by Mohammed Isah
FXTechstrategy | View company's profile
HIGHLIGHTS:
EURUSD: Clears The 1.3081 Level, Opens Up Downside Risk- EUR closed lower Monday wiping out its Friday gains and opening Tuesday trading session on the downside. It was seen trading below its Dec 04’08 low at 1.3081 and its Jan 15’09 low at 1.3026...
GBPUSD: Shooting Star Candle Turns The Pair Lower, Breaks Its YTD Low- GBP tumbled lower Monday following through to the downside on its Friday hammer formation. It closed the session at 1.4473 and was seen selling off strongly in early morning trading today breaking below its YTD low at 1.4352…
EURUSD: Clears The 1.3081 Level, Opens Up Downside Risk.
EURUSD: EUR closed lower Monday wiping out its Friday gains and opening Tuesday trading session on the downside. It was seen trading below its Dec 04’08 low at 1.3081 and its Jan 15’09 low at 1.3026.Trading and maintaining below these levels suggest its return to the 1.2551 level, its Dec 04’08 low and finally its YTD low at 1.2330 are shaping up. We see the loss of the latter activating the resumption of its medium term downtrend on hold since late Oct’09 towards its Feb’06 low at 1.1827.The weekly studies have turned lower supporting this view. On the upside, on any recovery higher from the present price levels, EUR should head towards its just invalidated supports at the 1.3026/80 area where a break if seen will open the door for higher prices towards another strong resistance at the 1.3298/1.3313 zone. The next two upside objectives are positioned at the 1.3531 level, its Oct 20’08 high and the 1.3785 level, its Oct 09’08 high. On the whole, having cleared layers of support level, EUR should now head further lower targeting its YTD low at 1.2330.
Support Comments
1.2551 Dec 04’08 low
1.2330 YTD low
1.1827 Feb’06 low
Resistance Comments
1.3081 Nov 25’08 high
1.3298 Dec 11’08 high/former range top
1.3531 Oct 20’08 high
Published on Tue, Jan 20 2009, 13:51 GMT
FXTechstrategy
http://www.fxtechstrategy.com/ | m.isah@fxtechstrategy.com
Archive
- EURUSD: Weak And Targeting The 1.3536 Level
Published On Fri, Mar 19 2010, 10:40 GMT - GBPUSD: Upside Risk Still Seen
Published On Thu, Mar 18 2010, 11:10 GMT - GBPUSD: Bear Pressure Subsides
Published On Tue, Mar 16 2010, 12:14 GMT - GBPUSD: Bear Pressure Sets In
Published On Mon, Mar 15 2010, 10:29 GMT - EURUSD: Recaptures The 1.3735 Level, Target The 1.3787 Level
Published On Fri, Mar 12 2010, 12:42 GMT
Legal disclaimer and risk disclosure
This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are those of FXTechstrategy.com own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which FXTechstrategy.com incurs any responsibility. FXTstrategy.com does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report.Related reports
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