Weekly Technical Strategist

EURUSD: Switches Focus To The 1.4446 Level

EURUSD- With a reversal of most of its losses off the 1.4444 level, its Aug 03’09 high seen the past week, risk for more upside gains targeting that level continues to be envisaged. Beyond that level will put the pair in position to head further higher towards the 1.4719 level, its Dec 18’08 high and possibly higher towards the 1.4875 level, representing its Sept 21’09 high. Both its weekly and daily RSI have turned higher suggesting further upside strength. Immediate support lies at the 1.4326 level, its Aug 13’09 high ahead of the 1.4044 level, marking its Aug 17’09 low with a turn below there creating further downside pressure towards its MT rising trend line at 1.3968. Decisively invalidating that level will mean additional losses towards the 1.3747 level, its Jun 16’09 low. On the whole, having reversed almost all of its declines off the 1.4446 level, EUR now looks to target further higher level prices and possibly resume its MT uptrend.

Directional Bias:
Nearer Term Bullish
Short Term Bullish
Medium Term Bullish

Performance in %:
Past Week: +0.14%
Past Month: -0.83%
Past Quarter: +5.89%
Year To Date: +1.65%

Weekly Range:
High -1.4776
Low -1.4207