EURUSD: Sees Upside Momentum, Eyes The 1.5000 Level

EURUSD- EUR started off the week strongly holding firmly above the 1.4844 level and breaking through its Oct 27’09 high in early trading today. As referenced in our weekly analysis of the pair’s need to hold firmly above the 1.4844 level before further upside could be challenged and having validated that, EUR now has its eyes on its psycho level located at 1.5000 with a violation of there targeting its YTD high at 1.5062. A firm break above the latter will resume its MT uptrend and open the door for additional gains towards the 1.5082 level, its Aug 10’08 high and then its 1.5283 level, its May 04’08 low. Its daily studies are bullish and trending higher suggesting further strength. Downside objectives are seen at the 1.4926 level followed by the 1.4844 level where we expect a reversal of roles to occur. Further down, supports are sited at the 1.4670 level where its MT rising trendline is currently residing and then its Oct 02’09 low at 1.4479. On the whole, having started a new leg of bullish upmove, risks are presently seen towards the 1.5000 level and beyond.

Mohammed Isah
Market Analyst
www.fxtechstrategy.com

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