EURUSD: Continues To Pressure The 1.5895/1.5912 zone
Tue, Apr 15 2008, 12:11 GMT

by Mohammed Isah

FXTechstrategy

EURUSD: While the triangle pattern is yet to be triggered, as long as the pair continues to pressure the 1.5895/1.5912 levels, its 2008 highs, risk for a break higher remains especially judging by the fact that the said pattern is a continuation one. Ultimately breaking and holding above the 1.5895/1.5912 levels will set the stage for further upside gains towards the 1.6000 and the 1.6100 levels, its psycho levels followed by its 1.618 Fib Ext at 1.6275 and then a distant resistance at the 1.6465 level, the location of its ascending triangle price target. The daily RSI remains supportive of this view. Conversely, failing to break and trade above the 1.5895/1.5912 will call for a fresh leg of decline towards its triangle bottom at 1.5724 with a loss of there triggering price acceleration towards the 1.5626/00 area, its April 07’08 low/psycho level ahead of the 1.5510 and next the 1.5342 levels, representing its Mar 24’08 and April 03’08 lows. On the whole, as long as the 1.5895/1.5912 zone remains under pressure, odds are for an eventual break leading to higher prices