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EURUSD: Weakens For A Fifth Week In A Row, Clears The 1.4967/51 Levels
Mon, Aug 18 2008, 13:47 GMT
by Mohammed Isah
EURUSD- EUR maintained its decline off the 1.6037 level, its YTD high closing lower for a fifth week in a row and breaking through a key support zone at the 1.4967/51 zone, its range highs from Nov’07 and Jan’08 to end the week at 1.4689 on Friday.With this development risks are seen for further weakness towards its range breakout price objective at 1.4565 before the 1.4364 level, its Jan 22’08 low. Its weekly and monthly studies remain supportive of this view. On the upside, the 1.4967/51 zone is now expected to reverse roles and provide support before turning the pair lower again. Above there if seen should leave the next upside target at the 1.5304/1.5285 zone (May/Jun’08 lows) accompanied by the 1.5468 low, its Jun 23’08 low. On the whole, having taken out its strong support at the 1.4967/51 zone, EUR is now faced with further weakness aiming at the 1.4565 level and possibly lower.
Directional Bias:- Nearer Term –Bearish
- Short Term –Bearish
- Medium Term –Bearish
Performance in %:
- Past Week: -2.13%
- Past Month: -1.11%
- Past Quarter: +0.01%
- Year To Date:+0.07%
Weekly Range:
- High -1.5084
- Low -1.4659
Also in this issue:
- GBPUSD: GBP Breaks And Closes Below The 1.9180/42 Area
- USDJPY: Turns Off The 108.59/61 zone, Set To Head Towards The 112.65 Level
Published on Mon, Aug 18 2008, 13:50 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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