HIGHLIGHTS:

-EURUSD: Bullish and Targeting The 1.3799 Level - Having rallied and broken through its broader range top at the 1.3330 on Mar 18’08,EUR strengthened further Thursday cutting through and holding above the 1.3596 level, its .50 Ret (1.4719-1.2456 decline) to close higher at 1.3666.

-EURJPY: Trapped In A Range But Biased To The Upside- Although the cross remains trapped in a range between the 112.09 and 131.06 levels, its nearer term outlook continues to point to the upside.

EURUSD: Having rallied and broken through its broader range top at the 1.3330 on Mar 18’08,EUR strengthened further Thursday cutting through and holding above the 1.3596 level, its .50 Ret (1.4719-1.2456 decline) to close higher at 1.3666.With that said, additional upmove is now expected towards the 1.3799 level, its Jan 08’09 high. Further out, bigger levels are located at the 1.3869 level, marking its .618 Ret and then the 1.4363 level, its Dec 29’08 high. The daily and weekly Stochastics and RSI remain bullish and continue to advance, therefore supporting the current rally. On the other hand, support starts at the 1.3596 level and extends to the 1.3330 area, Jan 27’09 high where a break and hold below there will put attention on the 1.3093 level, its Feb 09’09 high and subsequently the 1.2992/1.3000 area, its Feb 23’09 high/psycho level. On the whole, recovery triggered at the 1.2456 level remains intact and is poised to head further higher.

EURUSD

EURJPY: Although the cross remains trapped in a range between the 112.09 and 131.06 levels, its nearer term outlook continues to point to the upside. While the 126.09 level, its Feb 26’09 high remains as support, we expect the pair to force further upmove towards the 129.72 level, its Dec 29’09 high and subsequently its range top at 131.06.This level serves as a trigger for meaningful directional moves if seen broken. Alternatively, downside objectives are seen at the 126.09 level, its Feb 26’09 high at first and then its Jan 19’09 high at 122.17 followed by the 120.03 level, its Feb 09’09 high. We expect the 126.09 level to reverse roles and provide support if tested. On the whole, with continued upside maintained,EURJPY remains biased to the upside in the near term.

EURJPY