EURUSD- Having repeatedly challenged the 1.3681/83 area (April 30’07/Aug 24’07 highs) with little success and held above technical levels at the 1.3626/00 zone, its psycho level/May 07’07 high and the 1.3554/55 area, its .50 Ret (1.3262-1.3851 rally)/Jun 05’07,EUR has to cleanly penetrate and negate the 1.3681/83 area to further upside gains towards the 1.3771 level, its July 26’07 high before its Aug 06’07/2007 highs at 1.3839/51.Breaking through this zone resumes its medium term uptrend on hold since late Jul’07.The daily studies continue to push to the upside suggesting additional strength. Downside targets below the 1.3554/55 area will aim at the 1.3486/98 area, its .618 Ret/ MT rising trendline with the next two downside objectives seen at its Jun 21’07 low/Dec’06 high/Aug 16’07 low at 1.3371/59 and the 1.3262 level which marks its Jun’07 low and beyond. On the whole, as long as the pair remains above the 1.3626/00 and the 1.3554/55 area further upside challenges are likely.
Support Comments
1.3626/00 Psycho level/May 07’07 high
1.3554/55 .50 Ret (1.3262-1.3851 rally)/Jun 05’07 high
1.3484/98 .618 Ret/MT rising trendline
1.3371/63 Jun 21’07 low/Aug 16’07 high/Dec’06 high/D-top price target
Resistance Comments
1.3668/83 Dec’04/April 30’07/ Aug 24’07 highs
1.3771 July 26’07 high
1.3839/51 Aug 06’07/2007 highs
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