EURUSD: Continues To Hold Above Its MT Rising Trendline

EURUSD- With declines to as low as 1.4176 reversed and a neutral candle printed the past week, EUR continues to maintain above its medium term rising trendline initiated at the 1.2456 level. This leaves the pair biased to the upside towards its YTD high sited at the 1.4446 level where a decisive penetration will put it on the path to further upside gains towards the 1.4719 level, its Dec 18’08 high and possibly higher targeting the 1.4875 level, representing its Sept 21’09 high. On the other hand, downside targets are located at the 1.4176 level, its Sept 01’09 low and the 1.4088 level, representing rising trendline. Below there though not expected at the current price levels could drive the pair further lower towards the 1.3747 level, its Jun 16’09 low. On the whole, we maintain that while the pair holds above its rising trendline, outlook for further upside gain remains

Directional Bias:

Nearer Term –Mixed

Short Term – Bullish

Medium Term –Bullish

Performance in %:

Past Week: +0.05%

Past Month: +0.55%

Past Quarter: +5.89%

Year To Date: +2.32%

Weekly Range:

High -1.4378

Low -1.4176