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Weekly Technical Strategist

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EURUSD: Pressure On The 1.3313/1.3298 Zone Continues To Build Up

Mon, Jan 12 2009, 09:17 GMT
by Mohammed Isah

FXTechstrategy

EURUSD: Pressure On The 1.3313/1.3298 Zone Continues To Build Up- EUR wiped out a two-day upside gains(Wednesday & Friday) to record its second week of downside prices since attaining and tumbling off a high of 1.4719 on Dec 18’08…

GBPUSD: Continued Upside Recovery To Highlight The 1.5724 Level- GBP closed sharply higher the past week cutting through its key resistance levels at its Dec 26’08 low at 1.4652, its Jan 01’09 high at 1.4831 and testing the 1.5250/65 zone before closing the weak at 1.5168…

USDJPY: Loss Of Upside Momentum Triggers Sharp Declines Through Key Supports - A failure at the 94.62 level printed on Jan 06’09 and the pair’s subsequent collapse through its Nov 20’08 low at 93.56 and the 90.91 level, its Oct 24’08 low saw it closing lower at 90.24 the past week...

Pressure On The 1.3313/1.3298 Zone Continues To Build Up

EURUSD- EUR wiped out a two-day upside gains(Wednesday & Friday) to record its second week of downside prices since attaining and tumbling off a high of 1.4719 on Dec 18’08.With a close back below the 1.3531 level, its Oct 20’08 high risk for lower prices has turned towards its Jan 06’09 low/Oct 30’08 high at 1.3313/1.3298 where a break will project losses towards its Nov 25’08 high at 1.3081.We still see the pair attempting to return to its YTD low at 1.2330 if a clearance of the above mentioned key support levels occurs. This view is supported by its bearish weekly RSI.Resistance at the 1.3531 level, its Oct 20’08 high and the 1.3785 level, its Oct 09’08 high will be aimed at on any recovery from the present price level with a break and hold above there extending upside gains towards the 1.3826 level, marking its Dec 19’08 low. Beyond the latter will target the 1.4363 level, its Dec 29’08 high. On the whole, with the decline started at the 1.4719 high remaining in force, risk of additional weakness is now envisaged.

Directional Bias:

Nearer Term –Bearish

Short Term –Mixed

Medium Term –Bearish

Performance in %:

Past Week: -3.05%

Past Month: +10.01%

Past Quarter: -1.05%

Year To Date: -3.88%

Weekly Range:

High -1.3964

Low -1.3313

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Published on  Mon, Jan 12 2009, 09:23 GMT