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Week of September 25, 2008

EURUSD continues to consolidate the corrective rise from the September 11, 2008 low at 1.3882, with prices currently trading within the previously sited 1.4705-1.5214 consolidation zone as prices reached 1.4866 during late US session on Monday, well beyond our previously mentioned 1.4705 target. Intra-day, prices have reached the 61.8% of the 1.4866-1.4602 fall at 1.4765, with a sustained break of 1.4765 favoring 1.4804 and beyond, while to the downside, a sustained move below 1.4641 suggest further intra-day extension towards 1.4600. The medium trem trend remains down, as a daily open and close below 1.4114 confirms prices are once again moving lower with 1.3882 as the initial objective, followed by 1.3054 in the weeks ahead. As to the updside, only a daily open and close above 1.5528 will confirm a new implusive rise is underway from the September 11, 2008 low at 1.3882 with prices then likely to extend further towards the July 15, 2008 1.6037 high. However, while 1.5214 should limit any corrective rise, risk remains for further downside extension into the weeks and months ahead.

GBPUSD continues the corrective rise from the September 11, 2008 low at 1.7444 as prices remain within the previously sited 1.8480-1.9119 consolidation zone and should continue to move higher towards the next objective at 1.8800. However, the medium term trend remains to the downside while prices remain below 1.9119, as a daily open and close below 1.7732 confirms prices will continue to move lower with 1.7444 and 1.7054 as the next objectives.

As to trading, we have had 104 winning days out of the last 109 trading days for a total 5, 932 pips, with MTD currently at +793 pips. We expect the opportunities for successful trades to remain very high into the months ahead as intraday and medium term trends continue to provide a favorable environment for low risk trade opportunities.

We look forward to your feedback as to how we may improve the delivery of our service, so, please use the comments link below for any questions, suggestions, inquires or comments as we will respond within 1 day.

Thank you for your continued trust and confidence in our alert service.

Forex Signals Plus, RW

  • Posted by adminfx
  • On September 25, 2008
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