HIGHLIGHTS:

EURUSD: Price Follow Through Aims At The 1.2992 Level And Afar - EUR continues to strengthen its recovery started at the 1.2456 level, its Mar 04’09 low breaking higher and trading to as high as 1.2936 before closing at 1.2932 on Thursday...

EURJPY: Pushes Through The 126.09 Level, Eyes Further Upside- Having reversed its intra day losses on Thursday,EURJPY broke and closed above the 126.09 level, its Feb 26’09 high in early morning trading today...

GBPUSD: EUR continues to strengthen its recovery started at the 1.2456 level, its Mar 04’09 low breaking higher and trading to as high as 1.2936 before closing at 1.2932 on Thursday. Having sustained its gains and held above its declining channel top, risk now exists for a run at the 1.2992 level, its Feb 23’09 high and possibly higher towards the 1.3092 level, its Feb 09’09 high with a loss of there setting the pair up for further upside towards its broader range top at the 1.3329 zone, its Jan 27’09 high. Daily momentum indicators are bullish and have turned higher suggesting further strength. On the downside, any pullbacks at the current price levels should initially target the 1.2821 level, its Mar 10’09 high before the 1.2706/66 level, its Feb 02’09 low /Jan 23’09 low. Below this level if printed will pick up the pace of losses towards the 1.2514 level, its Feb 18’09 low and the 1.2456 level, its Mar 04’09 low. Below the latter will target the 1.2330 level, its swing low from Oct’08.On the whole, while nearer term risk remains to the upside,EUR’s overall outlook remains consolidative to downside supporting its medium term downtrend.

EURJPY: Having reversed its intra day losses on Thursday,EURJPY broke and closed above the 126.09 level, its Feb 26’09 high in early morning trading today. Holding above this key resistance will clear the way for more upside gains towards the 127.66 level, its Jan 08’09 high and then the 129.72 level, its Dec 29’09 high with the ultimate level being its range top at 131.06.The fact that range trading environment continues to dominate suggests that the present price activities remains limited to the 112.09 and 131.06 levels. Supports are positioned at its Jan 19’09 high at 122.17 and the 120.03 level, its Feb 09’09 high. Further down, its Jan 19’09 high at 122.17 ahead of the 120.03 level, its Feb 09’09 high will be targeted with a trade below there aiming at the 117.61 level, its Dec 12’09.On the whole, having violated the 126.09 level, further upside gains are likely.