EURUSD: Race Back To The 1.3259 Level Continues To Dominate EUR’s Price Action.
EURUSD: While the 1.3786 level, its Oct 14’08 high remains unbroken, risk for a retest of the pair’s YTD low at 1.3259 and a possible break triggering the resumption of its medium term decline is likely. In such a case, its .618 Ret (0.8231-1.6038 rally, monthly chart) at 1.3058 will be targeted ahead of the 1.2980 level, its Jun’06 high and possibly lower towards its Jan’07 low at 1.2866.Momentum indicators though in oversold zones are bearish and pushing lower. Alternatively, upside targets are located at the 1.3682/66 level, its April’07/Dec’04 highs and the 1.3786 level with a loss of there paving the way for a run at the 1.3852/82 zone, its Sept 11’08 low/July’07 high. On the whole, the broader bias remains lower and any upside recovery seen remains corrective of its medium term declines off the 1.6038 level.
SupportComments
1.3366/61 Dec’04 high/August’07 low
1.3312/1.3264.618 Ret (1.1640-1.6038 rally)/Jun’07 low
1.3058.618 Ret (0.8231-1.6038 rally, monthly chart)
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