Goldman Sachs Technical Analysis $EURUSD

EURUSD Daily – Just attempting to make a downside break from the recent consolidation. The underlying structure still argues eventual risks are skewed towards a downside break; monthly oscillator turn, set of two multi-year 76.4 retraces against the all time high from July ‘08, set of two interim 76.4 retraces against the May high on the daily chart, extreme valuation of over 2 standard deviations about GS Research’s GSDEER model’s estimate of fair value and a multitude of EUR –ve signals in correlated markets. But, it does need to break some real levels/confirmation points, it’s been very easy to get bearish at the bottom of the range over recent weeks, the most important look to be; 1.4156 (trend across the recent interim lows), 1.4073 (interim low from 16th June), 1.3908 (200-dma) and 1.3685 (primary uptrend from the June ’10 low).