EURUSD: Break Of The 1.4751/52 Area Required To Reduce Downside Threat
EURUSD- While recovery off the 1.4440 low(Feb 07’08 low) now suggests further strength, such upside incursion must break and maintain above the 1.4751/52 zone, its Nov 09’07/Dec 11’07 highs to open up more gains towards its Feb 02’08/2007 peak at 1.4955/67 and then its psycho resistance at 1.5000.A decisive close above the former will trigger the resumption of the pair’s MT uptrend on hold since Nov 23’07.The daily studies remain biased to the upside as they are pointing higher. On the downside, initial support resides at its ST riding trendline currently at 1.4419 followed by its Jan 22’08 low at 1.4364 with a break below there extending weakness towards the 1.4310 level, its Dec 20’07 low. The latter level is expected to provide a solid support and propel the pair higher. On the whole, although the pair continues to press higher, a sustained close above the 1.4751/52 zone is needed to open up risk towards the 1.4755/67 highs.
Directional Bias:
Nearer Term –Bullish
Short Term –Mixed
Medium Term –Bullish
Performance in %:
Past Week: 1.23%
Past Month: 1.90%
Past Quarter: 2.20%
Year-To-Date: 0.65%
High -1.4709
Low -1.4482
Weekly Chart:EURUSD
Click here to read the full contents
Mohammed Isah
Technical Strategist
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.