EURUSD: Below The 1.4625 Level Highlights Further Weakness

EURUSD: The pair is now trading below 1.4625 level after after crawling back above that level at the end of monday session. That leaves further downside towards the 1.4500 level initially with a loss of there opening the door for more downside pressure towards its Oct 02’09 low at 1.4479 or even lower. This current price action has halted the pair’s medium term uptrend and increased risk of a deeper price retracement. Its weekly studies are bearish and trending lower supporting this view.However, a failure below 1.4526 level should turn attention towards the 1.4799 level, its Nov 20’09 high where a reversal of roles is expected to turn it back down again. If that fails we may see a further climb higher towards the 1.4949 level, the back of invalidated LT rising trendline. Beyond there will clear the way for a run at the 1.5143 level, Its YTD low.

Mohammed Isah
Market Analyst
www.fxtechstrategy.com

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