EURUSD- A two-day upside gain has seen EUR wipe out almost all of its previous week declines on Friday increasing the risk of a run at the 1.5818 level, its May 27’08 high. If a follow-through in price momentum materializes, then a retest and clean break through the mentioned resistance is expected to trigger more upside gains towards the 1.5895 /1.5912 area, its Mar 31’08/April 10’08 highs and finally the 1.6020 area, its YTD high. Both the weekly and daily studies have turned higher suggesting more strength.However, if a hold back in the present upside exhibited the past week occurs, that should leave the pair vulnerable to a pullback towards its June 03’08 high at 1.5628 ahead of the 1.5510 level, its April 03’08 low with a break of there exposing its Mar 24’08 low/.50 Ret (1.4440-1.6018 high) at 1.5342/27 and then its May 08’08 low at 1.8285.On the whole,EUR now looks to push towards retesting the 1.5818 level where a break could activate further upside gains.



Directional Bias:

  • Nearer Term –Bullish
  • Short Term –Mixed
  • Medium Term –Bullish

Performance in %:

  • Past Week: +1.48%
  • Past Month: -0.45%
  • Past Quarter: +8.03%
  • Year-To-Date: +8.21%

Weekly Range:

  • High -1.5785
  • Low -1.5366

Also in this issue:

  • GBPUSD: While A Recovery Occurred The Past Week. GBP Continues To Maintain Within Its Falling Channel.
  • AUDUSD: AUDUSD Remains Firmly Above The 0.9495 Level.