HIGHLIGHTS:

EURUSD: Looks To Retarget The 1.2848 Level And Beyond - A doji candle formation Thursday and a follow-through to the downside in early trading today has turned back attention to the 1.2848 & the 1.2551 levels, its Dec 04’08 high and Dec 04’08 low where an invalidation is expected to push the pair towards its YTD low at 1.2330... Learn more

EURJPY: Pushes For A Retest Of The 112.09 Level - EURJPY continues to weaken despite its loss of  momentum at the 112.09 on Wednesday. A move lower was seen in early morning trading today… Learn more

EURUSD: Looks To Retarget The 1.2848 Level And Beyond.

EURUSD: A doji candle formation Thursday and a followthrough to the downside in early trading today has turned back attention to the 1.2848 & the 1.2551 levels, its Dec 04’08 high and Dec 04’08 low where an invalidation is expected to push the pair towards its YTD low at 1.2330.EUR’s medium term declines triggered off the 1.6038 level remains in progress and a clean breach of the 1.2330 level will activate that trend and open up downside gains towards the 1.1827 level, its Mar’02 low. The pair remains supported by its weekly studies though those of the daily are oversold which might suggest a correction.However,above the its Jan 15’09 low at 1.3026 and its Nov 25’08 high at 1.3081 will be required to cause any meaningful nearer term recovery. Further out, the 1.3298/1.3313 zone, its Jan 06’09 low/Oct 30’08 high comes in as the next upside objective ahead of the high the 1.3531 level, its Oct 20’08 high. On the whole, having failed at the 1.3081/83 area, EUR should now head back towards the 1.2848 level and beyond.

Support     Comments

1.2848       Dec 04’08 high

1.2551       Dec 04’08 low

1.2330       YTD low

Resistance         Comments

1.3081                 Nov 25’08 high

1.3298/1.3313     Jan 06’09 low/Oct 30’08 high

1.3531                Oct 20’08 high