September 2nd, 2008

EURUSD’s has reached an intra day low of 1.4482 as of this wriring as we are short at 1.4556 with the pair likely to continue to move lower targeting the 38.2% of 1.1642-1.6037 rise at 1.4358. Intra day, look for prices to remain below 1.4553, as a break here will suggest further rise towards 1.4570 followed by 1.4597. Short term, the fall from the August 21, 2008 high at 1.4909 remains active as only a daily close above 1.4645 will complete this fall and suggest further consolidation within a 1.4645-1.4746 zone before another attempt to the downside. As to our medium term outlook, the fall from the July 15, 2008 high at 1.6037 remains active as only a daily open and close above 1.5077 will complete this fall and suggest further consolidation within a 1.5077-1.5443 zone before another attempt to the downside.

GBPUSD’s continues to move lower with 1.7412 as our next objective followed by the November 2005 low at 1.7058 in the weeks ahead. Intra day, look for prices to continue to move lower while to the upside only a daily close above 1.7935 will suggest further upside potential with prices then likely a to move within a 1.7935-1.8018 consolidation zone before attempting another move to the downside.

We will have more updates later.

Forex Signals Plus, RW