From FXStreet.com, Wed, Nov 14 2007, 17:57 GMT
EURUSD- EUR followed through to the upside in early morning trading today on its Tuesday gains started off its nearer term corrective swing low at 1.4520 yesterday. Although daily Stochastics remains negative and pointing lower, current price action suggests a climb back towards a retest of its recent high at 1.4751 may be shaping up.
Above here puts the next two upside objectives at the 1.4800 level, which represents its psycho level and the 1.4918 level, the location of its 1.618 Fib Ext (monthly chart) with a clean penetration of there turning attention to the 1.5000 level, marking its big psycho level. Its medium and longer term outlook remain supportive of this view.
However, failure to decisively break above 1.4751 level will suggest a turn lower towards its psycho level at 1.4600 ahead of the 1.4513/35 zone, its broken rising channel top/Mar’1995 high and then its .382 Ret (1.4014-1.4751 rally) at 1.4470.
The daily studies remain negative supporting more weakness. On the whole, while a recovery of the pair’s decline is now in place, a clean break and close above the 1.4751 level must occur to keep threats to the downside out of the way and further higher prices.
by Mohammed Isah
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