EURUSD: Erodes Key Support Levels

By IBTimes Staff Reporter | January 29 2010 7:32 AM

EURUSD: The pair finally closed lower below a band of support levels at the 1.4000 level and 1.4028/44 levels after an early intraday strength saw it touching a high of 1.4059 Thursday. With this development, further threats are now seen towards its July 08'09 low at 1.3831 with a break targeting the 1.3747 level, its Jun 16'09 low or even lower. Its daily RSI is bearish and pointing lower supporting this view. On the other hand, recovery from its present price levels if seen will target the 1.4000/44 levels where a reversal of roles are expected. If however that zone is surpassed, further corrective recovery could shape up towards its Jan 25'10 high at 1.4194 level. Further out, upside objectives are located at the 1.4216/62 levels, its Dec 22'09 low/Jan 08'10.

Sponsorship Link

width=400