EURUSD: EUR Declines Further Through The 12728 Level, Eyes The 1.2484 Level.
EURUSD: EUR was seen weakening further lower through its Oct 22’08 low (1.2728) in early morning trading today testing a low of 1.2666.With its 1-day upside gains reversed and the 1.2728 level cleared, the journey to its medium term price target at the 1.2484 level, marking its Oct’06 low has begun. Having said that, price momentum and monthly/weekly studies continue to support the pair’s current downside pressure suggesting that on a clean erosion of the 1.2484 level further declines towards its Jan/April’06 highs at 1.2334/24 is envisaged ahead of the 1.1827 level, its Mar’06 low. The ultimate downside target lies at its No’05 low at 1.1640.In the interim, any recovery at this stage will target its invalidated support turn resistance at 1.2728 and then its Jan’07 low at 1.2866 followed by the 1.2980 level, its Jun’06 high. On the whole, having triggered further downside weakness, the pair now looks to head further downside towards its medium term price objective at 1.2484.We continue to see the pair breaking below this level and beyond in the weeks and months ahead
SupportComments
1.2484 Oct’06 low
1.2334/24Jan/April’06 highs
1.1827Mar’06 low
ResistanceComments
1.2728 Oct 22’08
1.2866Jan’07 low
1.2980Jun’06 high
1.3058.618 Ret (0.8231-1.6038 rally, monthly chart)
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