Rejection Candle Halts Recent Medium Term Upmove.
EURUSD- Although EUR retains its broader medium term uptrend triggered off the 1.2456 level in early Mar’09, its price action the past week has halted that uptrend temporarily having printede a rejection candle and closed lower on Friday. Bias remains to the downside for the continuation of that nearer term downtrend initiated at the 1.4339 level towards the 1.3793 level ,its May 28’09 high and then the 1.3738 level, representing its Mar 19’09 high. These key levels are expected to reverse
roles and provide support there by preserving the pair’s medium term uptrend. A break below there though not expected at the current levels will open the door for further lower prices targeting the 1.3424 level, its May 18’09 low. Its weekly RSI has turned lower supporting this view. To the topside, recovery if seen should initially target the 1.4267 level, its Jun 05’09 high followed by the 1.4339 level, representing its Jun 03’09 high. A cut through there will resume its medium term uptrend towards the 1.4867 level, its Sept 22’08 high.On the whole,while we retain our medium term bais on the pair, it remains pressured to the upside neearer term.
Directional Bias:
Nearer Term –Bearish
Short Term – Bullish
Medium Term –Mixed
Performance in %:
Past Week: -1.13%
Past Month: +6.89%
Past Quarter: -3.33%
Year To Date: -0.03
Weekly Range:
High -1.4339
Low -1.3933

Rejection Candle Halts Recent Medium Term Upmove.

EURUSD– Although EUR retains its broader medium term uptrend triggered off the 1.2456 level in early Mar’09, its price action the past week has halted that uptrend temporarily having printede a rejection candle and closed lower on Friday. Bias remains to the downside for the continuation of that nearer term downtrend initiated at the 1.4339 level towards the 1.3793 level ,its May 28’09 high and then the 1.3738 level, representing its Mar 19’09 high. These key levels are expected to reverse

roles and provide support there by preserving the pair’s medium term uptrend. A break below there though not expected at the current levels will open the door for further lower prices targeting the 1.3424 level, its May 18’09 low. Its weekly RSI has turned lower supporting this view. To the topside, recovery if seen should initially target the 1.4267 level, its Jun 05’09 high followed by the 1.4339 level, representing its Jun 03’09 high. A cut through there will resume its medium term uptrend towards the 1.4867 level, its Sept 22’08 high.On the whole,while we retain our medium term bais on the pair, it remains pressured to the upside neearer term.

Directional Bias:

Nearer Term –Bearish

Short Term – Bullish

Medium Term –Mixed

Performance in %:

Past Week: -1.13%

Past Month: +6.89%

Past Quarter: -3.33%

Year To Date: -0.03

Weekly Range:

High -1.4339

Low -1.3933

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