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EUR/USD: New all-time high and keeps climbing

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nostinkinc   Friday, 10/26/07 10:08:41 AM
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EUR/USD: New all-time high and keeps climbing

Fri, Oct 26 2007, 10:07 GMT

FXstreet.com (Barcelona) – The Euro has reached a new all time high at 1.4244 before closing at 1.4325 at the end of the session, according to Mohamed Isah, technical analyst at FXTechstrategy, this move puts an end to the recent correction: “This new development has ended its recent corrective pullback taking it to as low as 1.4125 early this week. With a return above the 1.4300 levels, a decisive break and close above its Sept 28’07/New Year high/1.272 Fib Ret (daily chart) at 1.4342/63 is now expected with scope for price extension towards its 1.618 Fib Ext. /weekly rising channel top at 1.4463/68 and above at its 1995 high at 1.4535.Though the daily RSI has turned higher, it is yet to break through its falling trendline.”

On the downside, Isah advances: “However, if the attack on the 1.4342/63 zone proves unsuccessful, lower prices could be seen targeting the 1.4250/81 zone, its 1.272 Ext. (monthly chart)/Sept 28’07 high where an invalidation if it occurs, will trigger downside losses towards its Monday low/rising trendline at 1.4126/25.Below there will put attention on the 1.4033/00 zone, its Oct 05 & 09’07 lows/psycho level and then the 1.3926,its Sept 13’07 high.”

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