EURUSD: Hesitation To Upside Bias
EURUSD: Although a positive close was registered on Thursday , EURUSD must break and hold above its daily 200 ema currently at 1.3434 to continue its recovery triggere off the 1.2884 level, its April 22’09 low. On an eventual loss of the 1.3434 level, its April 06’09 high at 1.3580 will be targeted with a break of there opening the door for more upside gains towards its Mar 23’09 high at 1.3738. Its daily studies are bullish and heading higher suggesting further higher prices. On the downside, its breakout point at 1.3263 will come in as the next downside target followed by 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) ahead of the 1.2991 level, its Feb 23’09 high with a clearance of the latter setting the stage for a decline towards its Mar 16’09 low at 1.2833.Below there will open the door for further decline towards the 1.2456 level, its Mar 04’09 high. On the whole, with the pair breaking out of its declining channel, recovery high is likely to be seen.
Support Comments
1.3263 Falling channel top
1.3113 Mar 30’09 low
1.3097/93 Feb 09’09 high/.50 Ret(1.2456-1.3738 rally)
Resistance Comments
1.3443 Daily 200 ema.
1.3580 April 06’09 high
1.3738 Mar 04’09 high
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