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EURUSD: Sees First Week Of Recovery, Targets The 1.4967/51 Levels
Tue, Aug 26 2008, 10:13 GMT
by Mohammed Isah
EURUSD- EUR recovered and closed higher the past week breaking a string of weekly losses and closing at 1.4788 last week. Although losses were recorded on Friday, as long as the pair continues to trade above its recent low at 1.4631, consolidation to nearer term recovery is likely to be seen with the 1.4967/51 zone, its range highs from Nov’07 and Jan’08 targeted before another strong technical levels at the 1.5304/1.5285 zone (May/Jun’08 lows).The former or even the latter is expected to cap upside incursions and turn the pair lower again. On the downside, its range breakout price objective at 1.4565 will come in as the first support where a break should trigger losses further towards the 1.4364 level, its Jan 22’08 low. Weekly and monthly momentum indicators are bearish and trending lower suggesting further weakness. On the whole, EUR remains biased to the downside from the broader perspective but may undergo consolidation to recovery following its recent declines.
Directional Bias:- Nearer Term –Bearish
- Short Term –Mixed
- Medium Term –Bearish
Performance in %:
- Past Week: +0.71%
- Past Month: -1.11%
- Past Quarter: +0.01%
- Year To Date:+1.38%
Weekly Range:
- High -1.4909
- Low -1.4631
Also in this issue:
- GBPUSD: GBP Continues To Witness More Downside Momentum.
- USDJPY: USDJPY Maintains Above The 108.59/61 zone, Eyes A Retest Of The 110.67 Level.
Published on Tue, Aug 26 2008, 10:15 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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