EURUSD: Retarget Of The 1.4844 Level Remains On Course.

EURUSD- With a third-day of recovery seen on Tuesday following a halt of declines at the 1.4479 level and its subsequent upmove.The pair’s outlook remains higher though seen hesitating in early trading today. We expect the EUR to head to the upside towards its YTD high at 1.4844 level where a clean violation will resume its medium term uptrend currently on hold towards the 1.4875 level, representing its Sept 21’09 high before the its psycho level at 1.5000 and then the 1.5082 level, its Aug 10’08 high. Its daily studies are supportive of this view. However, any price stall at the current level will put its nearby support at 1.4672 under pressure where a break lower will expose its Oct 02’09 low at 1.4479. A cap is expected at the latter level. The next support lies at its MT rising trendline current at 1.4347. We retain our medium term bullish view on the pair with a break and hold above the 1.4844 level triggering that trend.

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