Weekly Technical Strategist
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EURUSD: Halts Its Corrective Pullbacks, Shifts Focus To The 1.5904 Level
Mon, Mar 31 2008, 07:32 GMT
by Mohammed Isah
EURUSD- EUR put in a strong performance the past week halting its corrective pullback off the 1.5904 high to close the week at 1.5808. The pair is now poised to ascend further towards its YTD high at 1.5904 with a loss of there triggering further gains targeting its big psycho resistance at 1.6000.Above there will set the stage for higher prices towards the 1.6100 and 1.6200 levels, representing its psycho resistance levels. Its daily stochastics remains bullish to overbought. Support starts at the 1.5700 level, its psycho support and extends to the 1.5600 area, another psycho level. Under there will target its Mar 24’08 low/.382 Ret (1.4440-1.5904 rally, daily chart) at 1.5344/42 followed by the 1.5174 level, representing its .50 Ret. On the whole, having reversed almost its entire decline off the 1.5904 level, EUR now looks to retest and ultimately break through there to new highs.
Directional Bias:
Nearer Term –Bullish
Short Term –Bullish
Medium Term –Bullish
Performance in %:
Past Week: +2.43%
Past Month: +2.12%
Past Quarter: +2.20%
Year-To-Date: +8.37%
Weekly Range:
High -1.5859
Low -1.5342
Published on Mon, Mar 31 2008, 07:38 GMT
Archive
- EURUSD: Recovering On Hammer Formation
Published On Mon, Jun 22 2009, 07:37 GMT - EURUSD: The 1.3793 Level Limits Corrective Downside
Published On Mon, Jun 15 2009, 05:32 GMT - EURUSD: Rejection Candle Halts Recent Medium Term Upmove
Published On Mon, Jun 8 2009, 06:23 GMT - Further Upside Offensives Highlight The 1.4363 Level
Published On Mon, Jun 1 2009, 06:27 GMT - Resumption Of Short Term Uptrend Highlights The 1.4363 Level
Published On Mon, May 25 2009, 10:04 GMT
FXTechstrategy
http://www.fxtechstrategy.com/ | m.isah@fxtechstrategy.com
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