EURUSD: EUR continues to face downside pressure nearer term following a reversal of its Wednesday gains in early trading today. This now leaves the pair vulnerable to the downside targeting its Sept 29/14'09 lows at 1.4525/14 where a decisive violation will drive the pair further lower towards the 1.4446 level, its Aug 05'09 high. A cap is expected at this level if tested as that level remains significant in the pair's medium term uptrend. Further down, a solid support should be provided by its MT rising trendline currently at 1.4313. Its daily stochastics remains supportive of this view. On the upside, a close back above its Wednesday high at 1.4672 will have to occur to reverse its current weakness and open up further upside gains towards the 1.4711 level, its Sept 28'09 with a sustained break and hold above there putting under pressure its YTD high standing at 1.4844. On the whole, with its Wednesday gains being wiped out, a resumption of its corrective declines started at the 1.4844 level looks to be triggered.
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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