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EURUSD: Recapture Of The 1.2766 Level Resurfaces

Fri, Jan 30 2009, 12:49 GMT
by Mohammed Isah

FXTechstrategy  |  View company's profile

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HIGHLIGHTS:

EURUSD: Recapture Of The 1.2766 Level Resurfaces- EUR sold off sharply lower Thursday cutting through its Nov 25’08 high at 1.3081 and its Jan 15’09 low at 1.3026 to maintain its upside collapse off the 1.3330 level, its Jan 27’09 high and close lower at 1.2938...

GBPUSD: Continued Price Stall May Trigger Downside Moves- Continued price stall below the 1.4352 level, its Dec 31’08 low now seen could portend an imminent price reversal in the nearer term. This is coming  on the back of a failure at the 1.4411 on Thursday…

EURUSD: Recapture Of The 1.2766 Level Resurfaces

EURUSD: EUR sold off sharply lower Thursday cutting through its Nov 25’08 high at 1.3081 and its Jan 15’09 low at 1.3026 to maintain its upside collapse off the 1.3330 level, its Jan 27’09 high and close lower at 1.2938.It is now back into its earlier invalidated falling channel leaving vulnerable it to further downside pressure towards the 1.2766 level, its Jan 23’09 low. A clean break and hold below the latter will put the pair in position to push towards the 1.2551 level, its Dec 04’08 low and finally its 2008 low standing at 1.2330. Its overall medium term downtrend configuration remains supportive of this view.Additionally,its daily studies which are now heading lower are showing more evidence of this downside bearish outlook. To the topside, resistance levels are located at its Jan 15’09 low at 1.3026 followed by its Nov 25’08 high at 1.3081 with a stronger chart level sited at the 1.3298/1.3313 zone, its Jan 06’09 low/Oct 30’08 high. A cap is expected if this level is tested turning the pair back down again. We maintain our bearish bias on this pair and envisage a break and hold below the 1.2330 level. On the whole, having driven through its key supports, risk has now turned lower towards the 1.2330 level.

Support    Comments

1.2766     Jan 23’09 low

1.2551     Dec 04’08 low

1.2330      2008 low

Resistance         Comments

1.3026                 Jan 15’09 low

1.3081                 Nov 25’08 high

1.3298/1.3313     Jan 06’09 low/Oct 30’08 high

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Published on  Fri, Jan 30 2009, 12:53 GMT

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