EURUSD: A second day of upside recovery saw EUR head higher to close Thursday session at 1.5786.This is coming on the back of its recovery off the 1.5610 low and its hold above its daily 50 ema/LT rising trendline currently at 1.5630/1.5547.While the pair remains trapped within its trading range, such positive two-day price momentum argues for further higher prices aiming at the 1.5817/42 zone, its May 27’08/Jun 09’08 ahead of the 1.5895/1.5912 area, its Mar 31’08/July 03’08/April 10’08 and then its YTD high at 1.6018.Its daily studies have started turning higher supporting the current price action. On the downside, below the 1.5626/1.5547 if seen will open up risk towards the 1.5360/64 zone, its .382 Fib Ret/ Jun 05’08 low with a clean penetration of there exposing its May 08’08 low at 1.5283.On the whole, while nearer term outlook remains positive, breaking above its established trading range followed with a close above the 1.5817/42 zone will suggest the pair is building up strength to trigger its medium and longer term uptrend now on hold.
| Jun 20’08 high/Daily 50 ema |
| May 06’08 high/LT Rising Trendline |
| April 03’08 low/ |
| .382 Fib Ret/ Jun 05’08 low |
| May 27’08/Jun 09’08 |
| Mar 31’08 high/July 03’08/April 10’08 high |
| YTD high |
