Technicals

EURUSD: Stages A Recovery Nearer Term.

EURUSD- Following the two-week decline off its psycho level/YTD high at 1.6020,it closed higher snapping a two-day of upside gains on Friday. If the sustenance of the said recovery momentum follows through this week, more gains towards its May 0608 high at 1.5595 could be seen with a loss of there setting the stage for a move towards the 1.5626/00 zone, its April 0708 low/psycho level followed by the 1.5710 level, marking its April 1808 low. Although the current recovery remains corrective of its decline off the 1.6020 high, decisively breaking and closing above the 1.5895/I 5912 area, its Mar 3108/April 1008 highs will pave the way for a retest of the 1.6000/20 area and possibly beyond. However, holding and trading below the 1.5710 level will keep the pairs short term trend to the downside with the next target residing at its Mar 2408 low at 1.5342 and then its May 0809 low at 1.5285 with another support standing at the 1.5227 area, its .50 Ret (1.4440-1.6018 high).Its weekly studies are negative and trending lower. On the whole, while the longer term uptrend is now on hold, short term trend continues to point lower though a nearer term corrective recovery is now in place.

Directional Bias:

Nearer Term Mixed

Short Term Bearish

Medium Term Bullish

Performance in %:

Past Week: +0.40%

Past Month: +0.84%

Past Quarter: +8.03%

Year-To-Date: +5.76%

Weekly Range:

High -1.5595

Low -1.5285