EURUSD: Sustained strength saw the pair breaking through its strong resistance in early trading today suggesting that a hold above there especially on a weekly closing basis will keep the 1.4875 level, its Sept 21’09 high and beyond under pressure. This current strength was triggered following its break above its key resistance at the 1.4446 level the past week triggering the resumption of its medium term. Further out, resistance is located at the 1.5082 level, its Aug 10’08 high. On the downside, corrective pullbacks if activated are expected to target the 1.4634 level, its Sept 11’09 high at first with a break and hold below there creating scope for further declines towards the 1.4446 level, its Aug 09 high. This level is of significance in the pair’s current run to the upside, as it is expected to reverse roles and provide support. On the whole, we continue to hold on to out medium term upside view as EUR continues to print higher prices. 

Support                Comments

1.4719                   Dec 18’08 high

1.4634                  Sept 11’09 high

1.4446                   Aug 05’09 high

 

Resistance            Comments

1.4875                   Sept 21’09 high

1.5000                   Psycho level

1.5082                   Aug 10’08 high

 

 

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