September 22nd, 2008

EURUSD’s corrective rise from the September 11, 2008 low at 1.3882 continues to move towards our previously sited objective of 1.4705, as only a daily open and close above this level will complete the fall from the July 15, 2008 high of 1.6037 at 1.3882, with prices then likely to trade within a 1.4705-1.5214 consolidation zone before attempting another move to the downside. Look for initial bids ahead of 1.4552, as this is the 38.2 of today’s rise, while below 1.4506 will suggest further downside with risk towards 1.4443.

GBPUSD corrective rise from the September 11, 2008 low at 1.7444 continues to move towards our previously sited objective at 1.8480, as only a daily open and close above 1.8480 will complete the fall from the July 15, 2008 high of 2.0155 at 1.7444, with prices then likely to trade within a 1.8480-1.9119 zone before attempting another move to the downside.

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More updates later.

Forex Signals Plus, RW