EURUSD: Loss Of Momentum Drives EUR Sharply Lower– EUR continues to tumble following through lower on its Tuesday weakness and cutting through its minor support to test a low of 1.4014 today. This new wave of weakness has halted its recovery initiated at the 1.3831 level, its July 08’09 low and turned focus to the 1.3897 level, its July 13’09 low. Further down, on a break of the latter, the 1.3831 level, its July 08’09 low will be targeted with an acceleration through there aiming at the 1.3748 level, representing its Jun 16’09 low. Its daily RSI is bearish and pointing lower suggesting further downside losses. However, if a halt in its current downside weakness occurs, recovery should shape towards its July 09’09 high at 1.4072 with a clearance of there paving the way for a run at the 1.4200 level and then the 1.4303 level, its July 28’09 high. Beyond there will highlight the 1.4339 level, its YTD high. On the whole, with a pause in its higher recovery and price collapse seen, risk of further declines remains.
EURUSD: Loss Of Momentum Drives EUR Sharply Lower.
EURUSD- EUR continues to tumble following through lower on its Tuesday weakness and cutting through its minor support to test a low of 1.4014 today. This new wave of weakness has halted its recovery initiated at the 1.3831 level, its July 08’09 low and turned focus to the 1.3897 level, its July 13’09 low. Further down, on a break of the latter, the 1.3831 level, its July 08’09 low will be targeted with an acceleration through there aiming at the 1.3748 level, representing its Jun 16’09 low. Its daily RSI is bearish and pointing lower suggesting further downside losses. However, if a halt in its current downside weakness occurs, recovery should shape towards its July 09’09 high at 1.4072 with a clearance of there paving the way for a run at the 1.4200 level and then the 1.4303 level, its July 28’09 high. Beyond there will highlight the 1.4339 level, its YTD high. On the whole, with a pause in its higher recovery and price collapse seen, risk of further declines remains.
This is an excerpt from FXT Technical Strategist Plus, a 7-currency model analysis. Take A One Week Free Trial herewww.fxtechstrategy.com
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
