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EURUSD- EUR closed higher for a second consecutive week on Friday following its recovery off its May 0808 low at 1.5285.The pair remains supported by its daily momentum indicators which are positive and pointing higher suggesting further gains but such strength must push it decisively through its May 0608 high at 1.5595 and the 1.5710 level, marking its April 1808 low to reduce the present short term downside threat. Beyond the two mentioned resistance will open the door for higher prices towards the 1.5895/I 5912 area, its Mar 3108/April 1008 highs and next the 1.6000/20 area.However,failure at the 1.5595 area or even the 1.5710 level will see EUR turning lower aiming at its Mar 2408 low/.50 Ret (1.4440-1.6018 high) at 1.5342/27.Clearing the latter will trigger further decline towards the 1.5164 level, its .50 Ret (1.4309-1.6018 high).On the whole, having sustained its recovery off the 1.5285 low,EUR now must break and trade above the 1.5595 and 1.5710 levels to reduce ST downside pressure and target additional higher prices.

Directional Bias:

Nearer Term Bullish

Short Term Bearish

Medium Term Bullish

Performance in %:

Past Week: +0.55%

Past Month: +0.84%

Past Quarter: +8.03%

Year-To-Date: +6.76%

Weekly Range:

High -1.5601

Low -1.5573

Weekly Chart: EURUSD

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