EURUSD: Resistance Seen At The 1.4177 Level

EURUSD - With continued upside failures seen ahead of the 1.4177 level, its Jun 11'09 high, EUR remains vulnerable to the downside as a negative close was recorded Tuesday though strength was seen in early trading today. While corrective to consolidative price activities continues to be seen, a clean break and hold above the mentioned resistance level must be seen to reduce its current nearer term downside threats and bring further upside gains towards its YTD high at 1.4339.Above there will resume its medium term uptrend towards the 1.4719 level, its Dec 18'08 high and possibly higher targeting the 1.4867 level, its Sept 22'08 high. Its daily studies are positive and pointing higher suggesting further upside strength. On the contrary, weakening from its current price levels will highlight its psycho support level at 1.4000 with a turn below there paving the way for a run at the 1.3826 level, its Jun 22'09 low and then the 1.3738 level, its Mar 19'09 high where a cap is expected. Breaking and closing below there will turn focus to the 1.3479 level, its weekly 200 ema. On the whole, having halted its declines off the 1.4339 level and broken above its declining channel, risks remain to the upside towards the 1.4177 level.

Mohammed Isah
Market Analyst
www.fxtechstrategy.com

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