EURUSD: Price Follow Through Aims At The 1.2992 Level And Afar.
EURUSD: EUR continues to strengthen its recovery started at the 1.2456 level, its Mar 04’09 low breaking higher and trading to as high as 1.2936 before closing at 1.2932 on Thursday. Having sustained its gains and held above its declining channel top, risk now exists for a run at the 1.2992 level, its Feb 23’09 high and possibly higher towards the 1.3092 level, its Feb 09’09 high with a loss of there setting the pair up for further upside towards its broader range top at the 1.3329 zone, its Jan 27’09 high. Daily momentum indicators are bullish and have turned higher suggesting further strength. On the downside, any pullbacks at the current price levels should initially target the 1.2821 level, its Mar 10’09 high before the 1.2706/66 level, its Feb 02’09 low /Jan 23’09 low. Below this level if printed will pick up the pace of losses towards the 1.2514 level, its Feb 18’09 low and the 1.2456 level, its Mar 04’09 low. Below the latter will target the 1.2330 level, its swing low from Oct’08.On the whole, while nearer term risk remains to the upside,EUR’s overall outlook remains consolidative to downside supporting its medium term downtrend.
Support Comments
1.2821 Mar 10’09 high
1.2706/66 Feb 02’09 low /Jan 23’09 low
1.2514 Jan 18’09 low
Resistance Comments
1.2992 Feb 23’09 high.
1.3092 Feb 09’09 high
1.3329 Jan 27’09 high
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