Weekly Technical Outlook On Eur/usd By Acetrader - Forex Forum

Updating time : 04/08/2008 00:16 GMT

EUR/USD - 1.5570...The single currency fell to its lowest in one-month
last week as the greenback benefited fm a series of stronger-than-expected data
(incl. non-farm payrolls on Friday which pressured euro to 1.5514 b4 a recovery
was seen) with cross selling vs yen (unwinding of carry trades due to risk
aversion) also weighing on eur/usd.

On the daily chart, euro's decline fm last month's record high at 1.6040
is retracing MT uptrend (13-day n 55-day emas are about to make a bearish cross-
over) n below Friday's low at 1.5514 wud extend weakness to 1.5468 n then 1.5379
(38.2% r of 1.4310-1.6040), however, a break of 1.5285/1.5303 sup area is needed
to retain bearishness for eventual fall to 1.5175 (natural half retracement of
1.4310-1.6040).

Abv 1.5630/40 (61.8% r of 1.5701-1.5514 n res) wud signal temp. low has
been formed instead n correction to 1.5701 wud follow, break there wud yield
further gain to 1.5758/68 but pivotal res at 1.5945 (just abv 80.9% r of 1.6040-
1.5514) shud remain intact...

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