EURUSD: Nearer Term Corrective Upside Triggered Off The LT Rising Trendline.
EURUSD: Unlike GBP, EUR retained a bullish nearer term tone Wednesday closing higher at 1.4745 and trading higher (1.4807) in early session today. This is coming on the back of a bounce on Tuesday off its LT rising trendline established since Jan’06.The mentioned follow through to the upside should now target the 1.4814 level, its August 12’08 low ahead of the 1.4967/51 zone (its range highs from Nov’07 and Jan’08/.618 Ret) and the 1.5304/1.5285 zone (May/Jun’08 lows).While these two strong resistance levels hold, EUR is expected to turn lower and resume itsbroader weakness triggered off the 1.6037 high. The daily Stochastics has turned higher above the oversold territory, its first since dipping below there in late July’08.This remains in alignment with its nearer term corrective tone. Supports now come in the 1.4728 level, its .786 Ret (1.4310-1.6038 rally) with a loss of there setting the stage for a move towards its August 19’08 low at 1.4630 and next its LT trendline/range breakout point at 1.4580/65.Further decline through the latter will risk losses towards the 1.4364 level, its Jan 22’08 low. On the whole, with EUR retaining a bullish nearer term positive tone supported by a higher stochastics, strength is likely to be seen nearer term though such gains remain corrective of its recent declines.
This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are those of FXTechstrategy.com own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which FXTechstrategy.com incurs any responsibility. FXTstrategy.com does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report.
Disclaimer: All information on this web site is subject to change. The use of this web site constitutes acceptance
of our user agreement. All publisher financial articles at
FXtree.com are those of the individual authors and do not represent trading recommendations
of FXtree.com or its staff.
