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Weekly Technical Strategist

EURUSD: Stages A Recovery Nearer Term

Mon, May 12 2008, 13:20 GMT
by Mohammed Isah

FXTechstrategy

EURUSD- Following the two-week decline off its psycho level/YTD high at 1.6020,it closed higher snapping a two-day of upside gains on Friday. If the sustenance of the said recovery momentum follows through this week, more gains towards its May 06’08 high at 1.5595 could be seen with a loss of there setting the stage for a move towards the 1.5626/00 zone, its April 07’08 low/psycho level followed by the 1.5710 level, marking its April 18’08 low. Although the current recovery remains corrective of its decline off the 1.6020 high, decisively breaking and closing above the 1.5895/I 5912 area, its Mar 31’08/April 10’08 highs will pave the way for a retest of the 1.6000/20 area and possibly beyond. However, holding and trading below the 1.5710 level will keep the pair’s short term trend to the downside with the next target residing at its Mar 24’08 low at 1.5342 and then its May 08’09 low at 1.5285 with another support standing at the 1.5227 area, its .50 Ret (1.4440-1.6018 high).Its weekly studies are negative and trending lower. On the whole, while the longer term uptrend is now on hold, short term trend continues to point lower though a nearer term corrective recovery is now in place.

Directional Bias:

• Nearer Term –Mixed
  
• Short Term –Bearish
  
• Medium Term –Bullish

Performance in %:

• Past Week: +0.40%
  
• Past Month: +0.84%
  
• Past Quarter: +8.03%
  
• Year-To-Date: +5.76%

Weekly Range:

• High -1.5595
  
• Low -1.5285

Also in this issue:

• GBPUSD: Weakens For A Third-Week In A Row, Eyes The 1.9360/35 Levels.
• USDJPY: Embarks On A Corrective Pullback, May Weaken Towards The 100.03/00 Area

• Download full report with charts

Published on  Mon, May 12 2008, 13:27 GMT

Archive

• EURUSD: Bearish Downside Momentum Continues To Weigh On EUR
  Published On Mon, Sep 1 2008, 08:38 GMT
• EURUSD: Sees First Week Of Recovery, Targets The 1.4967/51 Levels
  Published On Tue, Aug 26 2008, 10:13 GMT
• EURUSD: Weakens For A Fifth Week In A Row, Clears The 1.4967/51 Levels
  Published On Mon, Aug 18 2008, 13:47 GMT
• EURUSD: Erodes Its Sideways Trading Range, Turns Focus To The 1.4967/51 Levels.
  Published On Mon, Aug 11 2008, 13:34 GMT
• EURUSD: Weakens For A Third Week In A Row, Looks To Hold Below Its MT Rising Trendline
  Published On Mon, Aug 4 2008, 09:42 GMT

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FXTechstrategy http://www.fxtechstrategy.com/ | m.isah@fxtechstrategy.com