EURUSD: Vulnerable Towards The 1.3433 Level

EURUSD: Having closed lower for the week after failing at the 1.3816 level and collapsing through its key supports to wipe out its previous week gains, risk of further declines towards its 2010 low sited at 1.3433 is now seen. That level preserves its consolidation to corrective bias but if it snaps, we will be in for the resumption of its broader medium term weakness triggered off the 1.5143 level in Nov’09. This development will target its Jun 03’09 low at 1.3211 and its big psycho level located at 1.3000.However, if the 1.3433 level holds and turns off the pair, we should see the continuation of its consolidation with upside objectives seen at its Mar 15’10 low at 1.3638, its Mar 17’10 high at 1.3816 and the 1.3838 level, its Feb 09’10 high with a loss of the latter creating scope for further upside gains towards its Feb 03’10 high sited at 1.4025. 

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