EURUSD: Turning Off Bullish Incursions
EURUSD- Although strength saw the pair closing strongly higher on Wednesday, an attempt on a break of its key resistance at the 1.4177 level, its Jun 11'09 high failed suggesting the mentioned upmove may not be sustainable. However, if a follow through higher occurs and a turn above the 1.4177 level is seen, further price incursion should shape towards the its YTD high at 1.4339. Above there will resume its medium term uptrend towards the 1.4719 level, its Dec 18’08 high and possibly higher targeting the 1.4867 level, its Sept 22’08 high. Its daily studies are positive and pointing higher suggesting further strength. On the other hand, if price failure at the 1.4177 level forces EUR lower, its Jun 29’09 low residing at 1.3981 level will be targeted ahead of the 1.3826 level, its Jun 22’09 low with a clearance of the latter highlighting the 1.3738 level, its Mar 19’09 high where a cap is expected. Breaking and closing below there will turn focus to the 1.3618 level, its weekly 200 ema. On the whole, having halted its declines off the 1.4339 level and broken above its declining channel, risks remain to the upside towards the 1.4177 level.
Support Comments
1.3981 Jun 29’09 low
1.3826 Jun 22’09 low
1.3738 Mar 19’09 high
Resistance Comments
1.4267 Jun 05’09 high
1.4363 Jun 2’09 high
1.4718 Dec 18’08 high
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