EURUSD: Even with its current downside vulnerability, EUR continues to retain its consolidation to corrective tone started from the 1.3433 level. Having said that, a break and close above the 1.3735 level must occur to trigger the resumption of that recovery. In such a case, additional strength will develop towards the 1.3787 level (Feb 17’10 high) with a loss of there pushing the pair further towards its Feb 01’10 high/Feb 09’10 low at 1.3838/51. We look ahead to the latter zone to cap corrective recovery gains if seen and turn EUR back lower again in sequence with its broader medium term downtrend. On the other hand, if a build up on its current weakness is seen, threats of a recapture of its 2010 low at 1.3433 cannot be ruled out where a break will activate more weakness towards the 1.3422/09 levels. Beneath the latter will set the stage for more downside pressure targeting its Jun 03’09 low at 1.3211 and next its big psycho level at 1.3000.
Mohammed Isah
Market Analyst
www.fxtechstrategy.com
This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are the author's 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 the author incur any responsibility. The 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
About the Author
Mohammed Isah
Market Analyst
www.fxtechstrategy.com
This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are the author's 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 the author incur any responsibility. The 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
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