EURUSD: Although the pair’s broader bias (medium and long term) remains to the upside, a decisive break of its May 02’08/Mar 24’08 lows/.382 Ret(1.4438-1.6018 rally) at 1.5360/41 could put that view on hold and bring price acceleration towards its .50 Ret (1.4309-1.6018 high) at 1.5150 and beyond. Weekly momentum indicators and daily RSI remain supportive of this view as they are pointing lower. However, continued trading and holding above the 1.5360/41 area may trigger a recovery higher correcting its present decline off its YTD high at 1.6018 towards the 1.5510 level, its April 03’08 low at first and later the 1.5626/00 zone, its April 07’08 low/psycho level followed by the 1.5710 level, its April 18’08 low. Above there will pave the way for a run at the 1.5895/I 5912 area, its Mar 31’08/April 10’08 highs and then its psycho level/YTD high at 1.6000/18.On the whole, EUR’s longer term trend still remains to the upside as the pair faces short term decline.

Support Comments
1.5360/41 .382 Fib Ret/Mar 24’08 low/May 02’08
1.5164 .50 Ret (1.4309-1.6018 high)
1.5048 .618 Ret

Resistance Comments
1.5626/00 April 07’08 low/Psycho Level
1.5710 April 18’08 low
1.5895/I 5912 Mar 31’08 high/2008 Peak
1.6000/18 Psycho Level/YTD high