EURUSD: Outlook Still Pointing Higher.
EURUSD- Although its first week of weakness registered the past week following its rise off the 1.2886 level remains suggestive of further declines, EUR still retains its short term uptrend activated off the 1.2456 level, its Mar 04’09 high. With that said a follow through lower could be seen targeting the 1.3385 level, its April 30’09 high ahead of the 1.3213 level, its May 04’09 low. Its daily RSI has turned lower supporting this view. On the upside, a break back above the 1.3722 level, its May 13’09 high followed with its Mar 19’09 high at 1.3738 will be required to trigger its short term uptrend towards its Jan 05’09 high at 1.3964.Beyond the latter will leave the pair aiming at the 1.4363 level, its Dec 29’08 high. Its weekly momentum indicators are bullish and trending higher suggesting further strength. On the whole, though now correcting, EUR remains biased to the upside in the short term.
Directional Bias:
Nearer Term –Bearish
Short Term – Mixed
Medium Term –Bearish
Performance in %:
Past Week: -1.01%
Past Month: -0.11%
Past Quarter: -5.10%
Year To Date: -3.41%
Weekly Range:
High -1.3651
Low -1.3213

EURUSD: Outlook Still Pointing Higher In The Short Term

EURUSD– Although its first week of weakness registered the past week following its rise off the 1.2886 level remains suggestive of further declines, EUR still retains its short term uptrend activated off the 1.2456 level, its Mar 04’09 high. With that said a follow through lower could be seen targeting the 1.3385 level, its April 30’09 high ahead of the 1.3213 level, its May 04’09 low. Its daily RSI has turned lower supporting this view. On the upside, a break back above the 1.3722 level, its May 13’09 high followed with its Mar 19’09 high at 1.3738 will be required to trigger its short term uptrend towards its Jan 05’09 high at 1.3964.Beyond the latter will leave the pair aiming at the 1.4363 level, its Dec 29’08 high. Its weekly momentum indicators are bullish and trending higher suggesting further strength. On the whole, though now correcting, EUR remains biased to the upside in the short term.

Directional Bias:

Nearer Term –Bearish

Short Term – Mixed

Medium Term –Bearish

Performance in %:

Past Week: -1.01%

Past Month: -0.11%

Past Quarter: -5.10%

Year To Date: -3.41%

Weekly Range:

High -1.3651

Low -1.3213

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