EURUSD: Channel Top Continues To Provide Resistance.
EURUSD: Although tests of higher prices above the pair’s declining channel have been occurring, its inability to maintain those gains has kept its declining channel top(1.3275) as resistance. And while this remains, pressure continues to point lower with the 1.3169 level, its daily 50 ema seen as the next downside target ahead of the 1.3113 level, its Mar 30’09 low and the 1.3097/93 area, its Feb 09’09 high/.50 Ret (1.2456-1.3738 rally).Below the latter level will indicate further declines towards the 1.2964 level, its April 28’09 high. Alternatively, convincingly breaking and holding above the mentioned channel top will generate more upside gains towards the 1.3435 level which is the location of its daily 200 ema with a break of there triggering further upside towards its April 06’09 high at 1.3580. Weekly/daily stochastics remains supportive of this view as they are both trending higher. On the whole, with the pair still holding within its declining channel, continuation of its weakness triggered at the 1.3738 level is likely.
Support Comments
1.3169 Daily 50 ema
1.3113 Mar 30’09 low
1.3097/93 Feb 09’09 high/.50 Ret(1.2456-1.3738 rally)
Resistance Comments
1.3385 April 30’09 high
1.3435 Daily 200 ema.
1.3580 April 06’09 high
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