EURUSD: Long Term Trendline Continues To Provide Support.

EURUSD- Although a rejection candle was printed at the end of the week after the pair failed at the 1.5047 level, as long as EUR holds above the 1.4844 level and maintains above its LT rising trendline, risk remains higher for a retarget of its YTD high at 1.5062. Above the 1.5062 level will clear the way further higher prices towards the 1.5082 level, its Aug 10’08 high and then its 1.5283 level, its May 04’08 low. Its weekly RSI continues to point higher suggesting further strength. The risk to this analysis will be a break below the levels highlighted above. In  such a case, its Nov 03’09 low seen at 1.4625 will be targeted ahead of  its Oct 02’09 low at 1.4479 with a snap below there bringing its Aug’05’09 at 1.4446 into focus.

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