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EURUSD: Resumption Of Medium Term Decline Risks Weakness Towards The 1.3682 And 1.3366/61 Levels
Mon, Oct 6 2008, 08:26 GMT
by Mohammed Isah
EURUSD- EUR’s medium term downside pressure continues to be supported by negative closes recorded by its quarterly, monthly and weekly charts and the fact that a fresh leg of decline was triggered by a loss of its YTD low at 1.3882 on Friday following the completion of its nearer term recovery at 1.4869.EUR’s vulnerability to further downside losses is now expected towards its April’07 high at 1.3682 with a clean break lower targeting its Dec’04 high/August’07 low at 1.3366/61 and possibly lower aiming at the 1.3264 level, which marks its Jun’07 low.Alternatively,the pair’s eroded support the 1.3852/82 zone, its YTD low/July’07 high is anticipated to reverse roles and provide resistance but if that fails, further strength should shape towards the 1.4015 level, its Oct’07 low followed by its Sept 16’08 low at 1.4073 low and then the 1.4366/10 zone, its Jan’08/Dec’07 lows. On the whole, as long as the mentioned higher time frame charts continue to point lower, our medium term outlook targets are seen at the 1.3366/61 and the 1.3264 levels.
Directional Bias:
Nearer Term –Bearish
Short Term –Bearish
Medium Term –Bearish
Performance in %:
Past Week: -5.69%
Past Month: -3.77%
Past Quarter: -10.44%
Year To Date:-5.53%
Weekly Range:
High -1.4569
Low -1.4703
Published on Mon, Oct 6 2008, 08:42 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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