EURUSD- EUR recovered and closed higher the past week breaking a string of weekly losses and closing at 1.4788 last week. Although losses were recorded on Friday, as long as the pair continues to trade above its recent low at 1.4631, consolidation to nearer term recovery is likely to be seen with the 1.4967/51 zone, its range highs from Nov’07 and Jan’08 targeted before another strong technical levels at the 1.5304/1.5285 zone (May/Jun’08 lows).The former or even the latter is expected to cap upside incursions and turn the pair lower again. On the downside, its range breakout price objective at 1.4565 will come in as the first support where a break should trigger losses further towards the 1.4364 level, its Jan 22’08 low. Weekly and monthly momentum indicators are bearish and trending lower suggesting further weakness. On the whole, EUR remains biased to the downside from the broader perspective but may undergo consolidation to recovery following its recent declines.

Directional Bias:
    • Nearer Term –Bearish
    • Short Term –Mixed
    • Medium Term –Bearish

    Performance in %:

      • Past Week: +0.71%
      • Past Month: -1.11%
      • Past Quarter: +0.01%
      • Year To Date:+1.38%

      Weekly Range:

        • High -1.4909
        • Low -1.4631

        Also in this issue:

        • GBPUSD: GBP Continues To Witness More Downside Momentum.
        • USDJPY: USDJPY Maintains Above The 108.59/61 zone, Eyes A Retest Of The 110.67 Level.