EURUSD: Focus Turning To The 1.4177/1.4200 Levels

EURUSD - As declines halted on Monday and EUR formed a lower level rejection candle to close higher at 1.4003, its minor resistance standing at the 1.4071 level, marking its July 09'09 high is being targeted with a decisive turn above there highlighting the 1.4177/1.4200 levels, its Jun 11'09 high/July 01'09. A break and hold above there is required to reduce its current downside threats and signal a return to its YTD high at 1.4339 where a clean break above there will resume its medium term uptrend towards the 1.4719 level, its Dec 18'08 high and possibly higher targeting the 1.4867 level, its Sept 22'08 high. Its daily stochastics remains supportive of this view having turned to the upside. However, if EUR fails on another attempt at the 1.4177/1.4200 levels again, risk will turn lower towards the 1.3831 level, its July 08'09 low with a turn below there pushing the pair towards the 1.3738 level, its Mar 19'09 high where a cap is expected. Below that level if seen will turn focus to the 1.3618 level, its weekly 200 ema. On the whole, with a halt in its nearer term downside seen, threats of further gains are likely.

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