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Weekly Technical Strategist: EURUSD

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Weekly Technical Strategist: EURUSD

Postby FXTechstrategy Team » Sun Sep 30, 2012 6:35 pm

EURUSD: Bears Extend Hold On The Downside.

EURUSD: A second consecutive week of declines saw the EUR even more vulnerable to the downside with eyes on the 1.2753 level. A clearance of here will open the door for a run at the 1.2692/1.2748 levels where a reversal of roles could occur. This could see the pair back off lower prices and target the upside. However, if this fails to happen Further declines will aim at the 1.2442 level. Its weekly RSI has turned lower supporting this view. On the other hand, the pair will have to return above the 1.3171 level to annul its present weakness and turn upside risk towards the 1.3282 level. Above here will call for a move higher towards its weekly ema at 1.3415 level. All in all, EUR continues to face bear threats.
FXTechstrategy Team
 
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