EURUSD- EUR saw downside weakness Monday after failing to hold at its recent high at 1.4751 level. Although that decline pushed it below the 1.4535 zone, its 1995 high at the end of yesterday trading session, its was seen turning ahead of its broken channel top/.382 Ret (1.4014-1.4751 rally) at 1.4507/1.4470 in early trading today. This zone remains the next key target on further downside weakness which is evidenced by its daily RSI and Stochastics that are heading lower. Below there if seen will open the door for additional losses towards the 1.4342/82 zone, its Oct 22’07 high/.50 Ret.Alternatively, while the 1.4507/1.4470 zone caps, a push towards its year-to-date high at 1.4751 is likely with a breach of there turning focus to the 1.4918 level, its 1.618 Fib Ext (monthly chart) and next the 1.5000 level, marking its big psycho level. On the whole,EUR remains pressured to the upside in the medium term but needs to turn above its 2007 high at 1.4751 to resume that trend and halt its nearer term downside corrective weakness.

SupportComments
1.4511/35Broken Rising Channel Top/Mar’1995 high
1.4463/961.618 Fib Ext.(daily chart) /weekly rising channel top
1.4342/63Oct 22’07 high/1.272 Fib Ext. (daily chart)

ResistanceComments
1.4600Psycho Level
1.4700Psycho Level
1.4800Psycho Level
1.49181.618 Fib Ext (monthly)