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EURUSD: EUR recovered higher to close the session at 1.5405 Thursday after pushing below its May 0208/Mar 2408 lows/.382 Ret (1.4438-1.6018 rally) at 1.5360/41 on intra basis. A follow-through to the upside in early trading today suggests that the said recovery off the 1.5288 low has some more upside to go. In such a case, the 1.5510 level, its April 0308 low will serve as nearby resistance followed by the 1.5593/1.5626 zone, its May 0508 high/April 0708 low/psycho level and then the 1.5710 level, its April 1808 low. Above the latter will open up risk towards the 1.5895 /me 5912 area, its Mar 3108 /April 1008 highs and then its psycho level/YTD high at 1.6000/18.Its daily RSI remains supportive of this view as it has turned higher. On the other hand, a break and hold below the 1.5360/41 zone will be required to trigger the resumption of its decline from the 1.6018 high towards the 1.5164 level, its .50 Ret (1.4309-1.6018 high) ahead of its .618 Ret at 1.5048.On the whole, although a nearer term recovery is now in place, its short term downtrend still dominates suggesting lower prices after that correction.

Support Comments

1.5360/41 .382 Fib Ret/Mar 2408 low/May 0208

1.5164 .50 Ret (1.4309-1.6018 high)

1.5048 .618 Ret

Resistance Comments

1.5626/00 April 0708 low/Psycho Level

1.5710 April 1808 low

1.5895/I 5912 Mar 3108 high/2008 Peak

1.6000/18 Psycho Level/YTD high

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