EURUSD: Long Term Trendline Continues To Provide Support.
Sunday, November 15, 2009
by Mohammed Isah of FXTechstrategy.com
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EURUSD: Long Term Trendline Continues To Provide Support.
EURUSD- Although a rejection candle was printed at the end of the week after the pair failed at the 1.5047 level, as long as EUR holds above the 1.4844 level and maintains above its LT rising trendline, risk remains higher for a retarget of its YTD high at 1.5062. Above the 1.5062 level will clear the way further higher prices towards the 1.5082 level, its Aug 10’08 high and then its 1.5283 level, its May 04’08 low. Its weekly RSI continues to point higher suggesting further strength. The risk to this analysis will be a break below the levels highlighted above. In such a case, its Nov 03’09 low seen at 1.4625 will be targeted ahead of its Oct 02’09 low at 1.4479 with a snap below there bringing its Aug’05’09 at 1.4446 into focus.
This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are those of FXTechstrategy.com 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 FXTechstrategy.com incurs any responsibility. FXTstrategy.com 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
Mohammed Isah is a Technical Strategist and head of research at FXTechstrategy.com, a technical research website. He has been trading and analyzing the foreign exchange market for the past 7 years.
He formerly traded stocks before crossing over to the forex market where he worked for FXInstructor LLC as a technical analyst and head of research before Joining FXTechstrategy.com. Mohammed has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine, The Forex Journal Magazine, and The International Business Times etc.
At FXTechstrategy.com he writes daily and weekly technical commentaries on currencies and commodities which are offered to its clients. He provides full coverage of the forex market with specific daily focus on 7 currencies (EURUSD, GBPUSD, USDJPY, EURGBP, EURJPY, AUDUSD and USDCAD) and the Dollar Index utilizing various technical tools and strategies. He also covers the commodities market twice in a week focusing on in-depth technical developments in GOLD, CRUDE OIL, SILVER, CORN, WHEAT and CRB Index. 
