EURUSD: The 1.4782/1.4625 Levels Keep MT Bias Higher

EURUSD- Even though EUR put in a negative performance the past week following its failure at the 1.5014 level, its Nov 16’09 high and its subsequent weakness, as long as its current setback maintains above the 1.4782 level, its MT rising trendline and its Nov 03’09 low at 1.4625, we look for an eventual resumption of its broader medium term uptrend. With that said, immediate threats still remains lower towards its mentioned trendline ahead of its Nov 03’09 low at 1.4625 with a break of the latter deepening further retracement and exposing the 1.4479 level, its Oct 02’09 low. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, a halt of further downside losses should put the pair on the path to further upside move towards its Nov 16’09 high at 1.5014 with a turn above there targeting its YTD high at 1.5062. A settlement above the latter will resume its medium term uptrend and set the stage for a move towards the 1.5082 level, its Aug 10’08 high and then its 1.5283 level, its May 04’08 low.

Mohammed Isah
Market Analyst
www.fxtechstrategy.com

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