Weekly Technical Stategist EURUSD

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Monday, 10th of Oct, 2011
WEEKLY TECHNICAL STRATEGIST EURUSD
FXTechstrategy Team
info_at_fxtechstrategy.com
EURUSD Halts Declines, Recovery Risk
Develops. EURUSD The pair has halted its
weakness following a failed test of the 1.3144
level the past week. With a high wave candle
pattern now in place, risk of a recovery higher
in the new week is a possibility. In such a case,
its Friday high at 1.3524 level will come in as
the initial resistance with a violation of that
level creating scope for a move lower towards its
Sept 282011 high at 1.3690. We may see a price
hesitation turning EUR lower at this level but if
that fails to occur, further strength could build
up towards the 1.3799 level, its Sept2011 high
and the 1.3835 level. On the downside, the risk
is for the pair to return below the 1.3144 level
annulling its corrective attempt and then
targeting the 1.3000 level, its big psycho level.
Price hesitation ahead of or at this level could
occur and turn the pair back up but if taken out,
further weakness should shape up towards the
1.2875. All in all, EUR may have halted its
weakness the past week but remains susceptible to
the downside. To read the full version of this
7 model currency analysis click here FXT
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