Forex Special :-
Euro decline from 1.5145 area has found support at 1.4665 before picking up to levels around 1.4775, although, according to Mohammed Isah, technical analyst at FXTechstrategy, the pair is on its way to test key support at 1.4625.
Euro decline from 1.5145 area has found support at 1.4665 before picking up to levels around 1.4775, although, according to Mohammed Isah, technical analyst at FXTechstrategy, the pair is on its way to test key support at 1.4625.
In case of a convincing break below 1.4625, Isah expects downside pressure to accelerate: "A convincing break of the 1.4625 level will break its pattern of higher highs and higher lows thereby halting is medium term uptrend and targeting further downside pressure."
On the upside, only a break above 1.5145 YTD high will erase downside pressure, says Isah: "Conversely, to reverse the present downside threats, EUR has to first break above its invalidated rising trendline and retarget its YTD high at 1.5143. Beyond there will resume its medium term uptrend towards its May 08’08 low at 1.5283."
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