EURUSD: Risk Still Building On The upside
EURUSD: EUR continues to form negative candles on the weekly chart with another one seen on the back of its failed attempt on the downside the past week. This development continues to suggest a loss of downside momentum and a preparation for corrective to consolidation phase of its medium term declines activated from the 1.5143 level to the 1.3433 level. However, its current range between the 1.3433 and the 1.3787 level (Feb 17’10 high) must be resolved to the upside to resume the mentioned recovery with its Feb 01’10 high/Feb 09’10 low at the 1.3838/51 levels seen as the next upside objective. We expect the latter zone to cap corrective recovery gains if seen and turn EUR back lower again. Alternatively, if the above view fails to pan out, threats of a recapture of its 2010 low at 1.3433 cannot be ruled out with a loss of there activating further weakness towards the 1.3422/09 levels. Below the latter will set the stage for further downside pressure towards its Jun 03’09 low at 1.3211 and next its big psycho level at 1.5000.
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