EURUSD: Price acceleration was seen through the 1.3682/66 zone, its April’07/Dec’04 highs on Wednesday pushing the pair to a low of 1.3424 before closing at 1.3436. This is coming on the back of a collapse ahead of the 1.3786 level, its Oct 09’08 high as well as the formation of a shooting star candle on Tuesday. With its recent nearer term corrective recovery halted and price action turned lower, the 1.3312/1.3264 zone, its .618 Ret (1.1640-1.6038 rally)/Jun’07 low will now be challenged at first as it prepares to retest its YTD low at 1.3259.A clearance of here will resume the pair’s medium term decline towards its .618 Ret (0.8231-1.6038 rally, monthly chart) at 1.3058 followed by the 1.2980 level, its Jun’06 high and beyond. The daily RSI has turned lower supporting this view. In the meantime, recovery if seen should target the 1.3682/66 level, its April’07/Dec’04 highs firstly before the 1.3786 level and then the 1.3852/82 zone, its Sept 11’08 low/July’07 high. On the whole, EUR looks to resume its medium term weakness started at the 1.6038 level in mid-July’08.
SupportComments
1.3366/61 Dec’04 high/August’07 low
1.3312/1.3264.618 Ret (1.1640-1.6038 rally)/Jun’07 low
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.
