EURUSD: Continues To Retain Its Corrective To Consolidation Tone

EURUSD: With an unsustained strength above the 1.3800 region on Wednesday pushing the pair to a lower close at 1.3736 and a follow through lower seen in early trading today, a test of its Mar 09’10 low at 1.3536 could be shaping up. However, despite its current price hesitation, EUR still retains its corrective to consolidation tone unless the 1.3433 level, its 2010 low is recaptured and its medium term declines triggered. On the upside, above the 1.3838 level, its Feb 09’10 high will create scope for further upside gains towards its Feb 03’10 high sited at 1.4025 where a cap is expected.

Mohammed Isah
Market Analyst
www.fxtechstrategy.com

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