EURUSD: Hesitation At The 0.3769/85 Area To Highlight Risk Towards The 1.3259 Low.
EURUSD- Having failed twice to push through and hold above the 1.3769/85 zone, its Oct 09 & 14’08 highs, EUR now runs the risk of declining back towards its YTD low at 1.3259 printed on Oct 10’08.Penetrating and negating this level will set off the pair’s medium term weakness started at the 1.6038 level towards its .382 Fib Ret (0.8231-1.6038 rally, monthly chart) at 1.3054 and then its Jan’07 low at 1.2866.This view remains consistent with its broader bias which is evidently to the downside. If however, a return back above the 1.3769/85 zone occurs, our downside case will be put on hold and a continuation of its corrective recovery off the 1.3259 could be seen towards the 1.3852/82 zone, its Sept 11’08 low/July’07 high where a cap is expected to turn it back down again. On the whole, EUR remains vulnerable to the downside with the 1.3259 level being targeted.
Directional Bias:
Nearer Term –Mixed Short Term –Bearish Medium Term –Bearish
Performance in %: Past Week:-0.21%
Past Month: -5.03%
Past Quarter: -10.44%
Year To Date:-8.09%
Weekly Range:
High -1.3769 Low -1.3346
To view the full 9-page of this 7 currency model analysis please visit www.fxtechstrategy.com
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.
