HIGHLIGHTS:

EURUSD: EUR Sustains Upside Gains, Highlights The 1.3298 Level- The former level should limit upside gains and turn the pair lower again but if a violation of there occurs, its pattern price target highlighted will be aimed at...

GBPUSD: Break And Hold Above The 1.5250/65 Area Turns Focus To The 1.5885 Level- A thirdday of upside gains has seen GBP break and close above its key resistance level at the 1.5250/65 area, its day Nov 19’08 high/Oct 24’08 low … 

EUR Sustains Upside Gains, Highlights The 1.3298 Level.

EURUSD: Break out of its symmetrical triangle continues to yield upside gains Tuesday pushing the pair to a high of 1.3081.Gains above this level which is now supported by bullish momentum indicators are expected to target its broader range top at 1.3298 and its pattern break out price objective at 1.3630.The former level should limit upside gains and turn the pair lower again but if a violation of there occurs, its pattern price target highlighted will be aimed at. Alternatively, the 1.2814 level, its Nov 19’08 high will serve as the initial support followed by the 1.2330 level and then the 1.2134 level, its .50 Ret (its 0.8231-1.6038 high, monthly chart).In short, having continued to sustain its gains off the 1.2430 low, EUR now looks to head further higher with the 1.3298 level being targeted.

Support        Comments

1.2814          Nov 19’08 high

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)

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