EURUSD: While a recovery was staged on Wednesday and a follow-through to the upside was seen in early morning trading today, as long as the pair continues to trade below its minor resistance at 1.5593(May 06’08 high) and the 1.5710 level, its April 18’08 low odds are for a turn lower towards the 1.5360/41 area, its May 02’08/Mar 24’08 lows/.382 Ret (1.4438-1.6018 rally) and then its May 08’08 low at 1.5283.Below there,if seen will leave the pair targeting the 1.5164 level, its .50 Ret (1.4309-1.6018 high) and then its .618 Ret at 1.5048.Weekly studies remain supportive of this scenario. On the upside, if the pair breaks and closes above the 1.5593 and 1.5710 levels ,it should then head further higher towards the 1.5895/I 5912 area, its Mar 31’08 high/April 10’08 high. On the whole, short term bearish structure remains in place and any nearer term recovery should be temporary.

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
1.5593 May 06’08 high
1.5626/00 April 07’08 low/Psycho Level
1.5710 April 18’08 low
1.5895/I 5912 Mar 31’08 high/April 10’08 High