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Technical Focus | FXTechstrategy
Written by Mohammed Isah   
Tuesday, 21 February 2012 22:45

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EURGBP: Recovering But Vulnerable.

EURGBP- Except we see a return above the 0.8409/21 levels, the risk is for EURGBP to retarget its key support located at the 0.8263 level. This if seen will call for further declines towards its Aug’2010 low at 0.8141. Further down, support comes in at its 2010 low at 0.8066 level. Its daily RSI is bearish and pointing lower supporting this view. Alternatively, a return above the 0.8409/21 levels will have to occur to resume its uptrend towards the 0.8485 level. We may see a reversal of roles as resistance at this level thus turning the cross back down. However, if a cut through that level occurs, its Dec 08’2011 high at 0.8560 will be targeted with a breach exposing the 0.8616 level. All in all, the cross continues to retain its nearer term downside threats.

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EURCHFSees Further Downside Momentum.
EURCHF: With one of the targets highlighted in our last analysis violated ( 1.2931), we are now watching the cross as it looks to decline further towards its 2010 low at 1.2764. A breather should occur there on an initial test thus turning it back up but if that level snaps, more weakness should shape up towards its psycho level standing at 1.2500 and possibly lower. Its daily studies are bearish and pointing lower supporting this view. Alternatively, on a corrective recovery, the cross will aim initially at its broken support turned resistance at the 1.2931 level where a reversal of roles could occur and turn it lower again. Further out, resistance resides at the 1.3121 level, its Dec 07’10 high with a cut through there allowing for further strength towards the 1.3228 level,  its Nov 12’10 high. On the whole, with continued bearishness remaining in force, further downside risk is expected towards the 1.2764 level
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