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Daily Technical Strategist
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EURUSD: Established Falling Channel Keeps Focus To The Downside
Thu, Feb 5 2009, 14:08 GMT
by Mohammed Isah
HIGHLIGHTS:
-EURUSD: Established Falling Channel Keeps Focus To The Downside- Recovery setback at the 1.3070(channel top) has seen EUR collapsing and closing lower at 1.2855 on Wednesday...
-USDCAD: Continued Hold Below The 1.2371/94 Area Suggest Further Lower Prices - The pair recorded a second-day of consecutive downside losses Wednesday and was heading lower in early morning trading today…
EURUSD: Established Falling Channel Keeps Focus To The Downside
EURUSD: Recovery setback at the 1.3070(channel top) has seen EUR collapsing and closing lower at 1.2855 on Wednesday. Having taken back almost all of its Tuesday upside gains and continued to trade within its established declining channel, weakness is now expected initially towards the 1.2766 level, its Jan 23’09 low followed by the 1.2706 level and subsequently the 1.2551 level, its Dec 04’08 low .But the ultimate level stands at the 1.2330 level, its 2008 swing low. We expect this level to give way and trigger the resumption of its medium term declines now on hold. Its daily RSI remains supportive of this view.However,a return back above its Nov 25’08 high at 1.3081 followed with a close above the 1.3298/1.3313 zone, its Jan 06’09 low/Oct 30’08 high will be required to prevent its current downside threats and bring gains towards its Nov 25’08 high at 1.3081 and then the 1.3298/1.3313 zone, its Jan 06’09 low/Oct 30’08 high. On the whole, while the pair remains medium term bearish and continues to maintain within its falling channel, lower prices are expected to be printed.
Support Comments
1.2766 Jan 23’09 low
1.2551 Dec 04’08 low
1.2330 2008 low
Resistance Comments
1.3070/81 Channel Top/Nov 25’08 high
1.3298/1.3313 Jan 06’09 low/Oct 30’08 high
1.3386 Jan 19’09 high
Published on Thu, Feb 5 2009, 14:12 GMT
Archive
- USDJPY: Sees Upside Strength
Published On Tue, Feb 9 2010, 13:25 GMT - GBPUSD: Weakness Suggestive Of A break Of The 1.5706 Level
Published On Fri, Feb 5 2010, 12:40 GMT - USDJPY: Hesitation Still Dominates
Published On Thu, Feb 4 2010, 14:10 GMT - EURUSD: Risk Builds Towards The 1.4028/94 Levels.
Published On Wed, Feb 3 2010, 15:30 GMT - USDJPY: Holds On To Recovery Gains
Published On Tue, Feb 2 2010, 13:08 GMT
FXTechstrategy
http://www.fxtechstrategy.com/ | m.isah@fxtechstrategy.com
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