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Written by Mohammed Isah
Friday, 20 November 2009 08:38
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FXTechstrategy Launches New Subscription Packages
EURUSD: Upside Seen Above The 1.4736/1.4625 levels.
EURUSD- Price hesitation continues to be seen with EUR holding firmly above its LT rising trendline and its major emas. We maintain that while the pair holds above the mentioned support levels chances are for a return to its YTD high at 1.5062 with an eventual break of there creating scope for further upside towards the 1.5082 level, its Aug 10’08 high and next its 1.5283 level, its May 04’08 low. However, a break below the 1.4736 level and the 1.4625 levels will have to be seen to reverse our upside view and bring further losses towards its Oct 02’09 low at 1.4479. Also we expect a combination of the first mentioned levels(1.4736 and 1.4625) to provide strong support if tested and turn the pair back up. .
Daily Chart: EURUSD
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Weekly Technical Strategist |
Written by Mohammed Isah
Friday, 20 November 2009 03:05
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FXTechstrategy Launches New Subscription Packages
EURUSD: Long Term Trendline Continues To Provide Support.
EURUSD- Although a rejection candle was printed at the end of the week after the pair failed at the 1.5047 level, as long as EUR holds above the 1.4844 level and maintains above its LT rising trendline, risk remains higher for a retarget of its YTD high at 1.5062. Above the 1.5062 level will clear the way further higher prices towards the 1.5082 level, its Aug 10’08 high and then its 1.5283 level, its May 04’08 low. Its weekly RSI continues to point higher suggesting further strength. The risk to this analysis will be a break below the levels highlighted above. In such a case, its Nov 03’09 low seen at 1.4625 will be targeted ahead of its Oct 02’09 low at 1.4479 with a snap below there bringing its Aug’05’09 at 1.4446 into focus.
Weekly Chart: EURUSD
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