HIGHLIGHTS:

EURUSD: Looks To Breakout Of Its Symmetrical Triangle - As range begins to narrow within the symmetrical triangle, odds are for a breakout to be seen...

GBPUSD: BGBP To Sustain Its Nearer Term Recovery Off The 1.4558 Level- As long as the YTD low at 1.4558 and the long legged doji-like candle(reversal signal) bottom remain unbroken, we maintain corrective to consolidative bias on GBP.This … 

Looks To Breakout Of Its Symmetrical Triangle

EURUSD: As range begins to narrow within the symmetrical triangle, odds are for a breakout to be seen. With the price hitting the roof of the said pattern, a break higher may occur towards its Nov 13'08 high ahead of the 1.3058/05 level, its Oct 23’06 high/.618 Ret (0.8231- 1.6038 rally, monthly chart) and then the 1.3259/98 level, its Oct 30’08 high/Oct 10’08 low. This level which serves as the range top has to be invalidated to create any meaningful directional moves. On the downside, the 1.2330 level remains the level also to be overcome for the pair to resume its medium term decline towards the 1.2134 level, its .50 Ret (its 0.8231-1.6038 high, monthly chart) and the 1.1827 level, its Mar’06 low. On the whole, EUR remains  trapped between the 12330 and the 1.3298 levels as it corrects its recent medium term declines.

Support       Comments

1.2484          Oct’06 low

1.2330/24     Oct 28’08 low/Jan/April’06 highs

1.2134          .50 Ret (0.8231-1.6038 rally)

1.1827           Mar’06 low

Resistance   Comments

1.2866          Jan’07 low

1.3058/05     Oct 23’06 high/.618 Ret (0.8231-

1.6038 rally, monthly chart)

1.3259/98     Oct 30’08 high/Oct 10’08 low