Weekly Technical Strategist
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EURUSD: EUR Rejects Higher Level Prices, Tests Lower Prices
Mon, Apr 28 2008, 08:25 GMT
by Mohammed Isah
EURUSD- Following a brief break and hold above the 1.5896/1.5913 area, its Mar 31’08/April 10’08 highs on Tuesday and its subsequent failure at that area, EUR sold off hard for a thirdday in a row on Friday closing at 1.5626.This move now leaves the pair below its triangle pattern(daily chart) and with price action still pointing lower, risk remains for a push towards the 1.5510 level, marking its Mar 24’08 and then its .382 Fib Ret/April 03’08 at 1.5390/42.The daily and weekly RSI are positive suggesting further weakness. On the upside, resistance levels are located at the 1.5710 level, marking its April 18’08 low and the 1.5895/I 5912 area, its Mar 31’08/April 10’08 highs followed by its psycho level/YTD high at 1.6000/18.Breaking and maintaining above the latter must occur for the pair to trigger its MT uptrend. On the whole, while the current weakness suggests additional lower prices may be seen in the near term as long as that decline remains above the key support at 1.5390/42,EUR’s medium term bullish structure remains alive and kicking.
Directional Bias:
Nearer Term –Bearish
Short Term –Bullish
Medium Term –Bullish
Performance in %:
Past Week: -1.20%
Past Month: +3.82%
Past Quarter: +8.03%
Year-To-Date: +7.12%
Weekly Range:
High -1.6018
Low -1.5555
Published on Mon, Apr 28 2008, 08:31 GMT
Archive
- GBPUSD: MT Rising TrendlineTo Provide Support
Published On Mon, Jul 13 2009, 07:14 GMT - 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
FXTechstrategy
http://www.fxtechstrategy.com/ | m.isah@fxtechstrategy.com
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