EURUSD: Reversal Of Losses  Highlights The 1.4844 Level

EURUSD-Having closed higher the past week reversing its previous week losses and rallying through its minor resistance at the 1.4720 level, its Sept 28’09 high, risk has now turned higher for a retarget of its YTD high at 1.4844. This view is consistent  with its broader medium term uptrend and a decisive violation of the latter level will activate that trend towards the 1.4875 level, representing its Sept 21’09 high ahead of its psycho level at 1.5000 and then the 1.5082 level, its Aug 10’08 high. Its weekly RSI which has turned higher is supportive of this view. On the other hand, if further corrective pullbacks following its Friday declines occur, the 1.4720 level will be targeted at first with a turn below there exposing the 1.4651 level, its Oct 07’09 low and then the 1.4481 level where its Oct 02’09 low/MT rising trendline is located. We expect that zone to cap declines if tested  thereby turning the pair higher again. On the whole, EUR remains biased to the upside in medium term and now looks to retarget its YTD high at 1.4844 following its past week strength.

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