HIGHLIGHTS:

EURUSD: Higher Level Prices Now In Focus -EUR continues to recover higher following through to the upside for a third day in row since beginning its upmove off the 1.2888 level, its April 20’09 low.

EURGBP: Looks To The Upside In The Nearer Term -The cross’s Wednesday rally subsided on Thursday failing to follow through higher and closing lower at 0.8922.


EURUSD

EURUSD

EURUSD: Higher Level Prices Now In Focus.

EURUSD: EUR continues to recover higher following through to the upside for a third day in row since beginning its upmove off the 1.2888 level, its April 20’09 low. I was seen strengthening further in early trading today. This development has now opened up upside risk towards the 1.3330 level, its Jan 27’09 high which is within the vicinity of EUR’s falling channel top at 1.3335. Daily momentum is pushing higher, adding to a growing bullish evidence. Supports are located at the 1.3113 level, its Mar 30’09 low and the 1.3097/93 area, its Feb 09’09 high/.50 Ret (1.2456-1.3738 rally) followed by the 1.2991 level, its Feb 23’09 high and then its Mar 16’09 low at 1.2833 with a break and close below there opening the door for a decline towards the 1.2456 level, its Mar 04’09 high enroute to its 2008 low at 1.2330. On the whole, having maintained downside losses since tumbling off the 1.3738 level though recovering, risk remains to the downside while holding within its declining channel.


EURGBP

EURGBP

EURGBP: Looks To The Upside In The Nearer Term .

EURGBP: The cross’s Wednesday rally subsided on Thursday failing to follow through higher and closing lower at 0.8922. Despite this, EURGBP’ s recovery off the 0.8793 level looks to continue as it was seen heading through its psycho level at 0.9000 in early trading today. Next upside target lies at the 0.9073 level, its Jan 26’09 high. Daily studies have turned higher suggesting further strength. Supports are situated at the 0.8951 level, its Mar 09’09 low and the 0.8911 level, its Mar 02’09 low with the next two downside targets located at the 0.8722/18 area, its Feb 24’09 low/daily 200 emaand the 0.8638 level, its Feb 10’09 low. On the whole, EURGBP remains biased to the downside shorter term though recovering in the nearer term.