Week of September 29, 2008

EURUSD’s corrective rise from the September 11, 2008 low of 1.3882 will be complete with a daily close below 1.4490, as prices will then continue to move lower initially targeting 1.4258. As to the fall from the July 15, 2008 high of 1.6037, a daily open and close below 1.4114 will confirm prices are once again moving lower with 1.3882 followed by 1.3054 as the next objectives. As to the upside, a daily open and close above 1.4620 will suggest further upside targeting 1.4712, as a sustained break of 1.4712 confirms prices will move higher within a 1.4712-1.5233 consolidation zone before attempting another move to the downside.

GBPUSD’s corrective rise from the September 11, 2008 low of 1.7444 reached a high of 1.8666, as a daily open and close below 1.8199 completes this rise, with prices then likely to move within a 1.7911-1.8199 consolidation zone before another attempt to the upside. As to the downside, only a daily open and close below 1.7732 will suggest the fall from the July 15, 2008 high of 2.0155 was once again underway with 1.7444 followed by 1.7048 as the objectives. As to the upside, a daily close above 1.8288 favors further upside with prices then likley to move within a 1.8288-1.8433 consolidation zone before another push to the downside, whereas above 1.8522 confirms further upside targeting 1.8800.

More updates later.

Forex Signals Plus, RW