HIGHLIGHTS:

GBPUSD: Triggers Its Short Term Recovery -A follow through higher today on the back of its Monday gains saw the pair breaking through the 1.5337 level, its May 12’09 high and the 1.5373 level, its Jan 08’09 high.

EURUSD: Targeting The 1.3720/38 Levels -Our call for short term uptrend continuation continues to play as out as EUR closed higher Tuesday and was seen heading higher in early morning trading today.


EURUSD

EURUSD

EURUSD: Targeting The 1.3720/38 Levels.

EURUSD: Our call for short term uptrend continuation continues to play as out as EUR closed higher Tuesday and was seen heading higher in early morning trading today. This price development now leaves the 1.3720/38 level, Mar 04’09/May 13’09 highs being targeted with a loss of there activating its short term recovery initiated at the 1.2456 level, its Mar 04’09 high towards its Jan 05’09 high at 1.3964.Beyond the latter will leave the pair aiming at the 1.4363 level, its Dec 29’08 high. Its weekly studies have turned higher and are bullish suggesting further strength. On the contrary, correcting lower will suggest a move towards the 1.3446 level which is the location of its 200 daily emawith a loss of there accelerating declines towards the 1.3385 level, its April 30’09 high ahead of the 1.3213 level, its May 04’09 low.. On the whole, having halted its corrective declines the pair now looks to head back up towards the 1.3720/38 zone.


GBPUSD

GBPUSD

GBPUSD: Triggers Its Short Term Recovery.

GBPUSD: A follow through higher today on the back of its Monday gains saw the pair breaking through the 1.5337 level, its May 12’09 high and the 1.5373 level, its Jan 08’09 high. With this price action, GBP is now biased to head further higher towards the 1.5724 level, its Dec 17’09 high and possibly higher. It remains supported by its rising daily RSI.On the downside, its eroded the 1.5337 level, its May 12’09 high and the 1.5373 level, its Jan 08’09 high should now reverse roles and provide support. Below there if seen will clear the way for more declines towards the 1.5066 level, its April 16’09 high ahead of the of the 1.4836 level, its May 04 09 low followed by its April 27’09 low at 1.4517 level. All in all,GBP is now poised to head further higher having resumed its short term uptrend