EURUSD - Halts Declines, Targets The 1.4844 level

Daily Forex Technicals | Written by FXTechstrategy | Oct 30 09 10:28 GMT |

EURUSD - An early extension of the pair's corrective declines was rebuffed Thursday pushing it strongly higher and wiping out its Wednesday losses to close higher at 1.4837. Although its mentioned nearer term weakness has halted, EUR must build on its Thursday strength and break and hold above its strong resistance residing at the 1.4844 level, its Sept 21'09 high to signal further upside gains towards the 1.5000 level. A breach of the latter will expose its YTD high at 1.5062 with a loss of there triggering the resumption of its medium term uptrend. On the other hand, we remain suspicious of its current recovery if it continues to trade and hold below the 1.4844 level. In such a case, its intra day low at 1.4682 will be targeted if fails to head higher with a violation of there turning attention to its LT trendline at 1.4556. We envisage this level if seen should cap declines and push the pair back up. On the whole, having halted its corrective declines, risk now remains to the upside but EUR must break and hold above the 1.4844 level to prevent threats of returning to the 1.4682 level. 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