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EURUSD: Weakens For A Third Week In A Row, Looks To Hold Below Its MT Rising Trendline
Mon, Aug 4 2008, 09:42 GMT
by Mohammed Isah
EURUSD- A third-week of downside losses has seen the pair maintaining its decline off the 1.6038, its YTD high and breaking marginally below its MT rising trendline originating from its August 2007 low at 1.3361 the past week. Further weakness is likely while price and weekly studies continue to head lower suggesting that the 1.5468 low, its Jun 23’08 low will be aimed at ahead of its range bottom at 1.5304/1.5285 zone (May/Jun’08 lows).However, recoveries emanating from its present oversold condition on the daily chart may see EUR bounce higher towards its July o7’08 low at 1.5611 accompanied by the 1.5844 level, its Jun 09’08 high with its YTD high at 1.6038 coming in as the next upside objective. On the whole, while a sustained break below its LT rising trendline suggests further declines, limiting those declines within its established range between the 1.6038 and 1.5285 levels will keep the pair trapped in a sideways range and prevent meaningful directional moves.
Directional Bias:
Nearer Term –Bearish
Short Term –Bearish
Medium Term –Bullish
Performance in %:
Past Week: -0.89%
Past Month: -1.11%
Past Quarter: +0.01%
Year To Date:+6.77%
Weekly Range:
High -1.5769
Low -1.5628
Published on Mon, Aug 4 2008, 09:53 GMT
Archive
- EURUSD: Formation Of A Shooting Star Candle To Trigger Further Downside EURUSD
Published On Mon, Dec 1 2008, 10:19 GMT - EURUSD: Triangle Break Expected To Resolve To The Downside
Published On Mon, Nov 24 2008, 09:31 GMT - EURUSD: Turns Off The 1.2330 Level, Returns Into Its Sideways Trades
Published On Mon, Nov 17 2008, 09:31 GMT - EURUSD: Break Of The 1.5298 Level Or The 1.2330 Level To Trigger Directional Moves
Published On Mon, Nov 10 2008, 09:09 GMT - EURUSD: Loss Of Momentum At The 1.3298 Level Leaves EUR AimingFor A Recapture Of Its YTD Low
Published On Mon, Nov 3 2008, 08:55 GMT
FXTechstrategy
http://www.fxtechstrategy.com/ | m.isah@fxtechstrategy.com
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