Technicals

EURUSD: Following its failure on Monday at 1.5842 high,EUR put in a second day of consecutive losses on Tuesday closing as low as 1.5459.While both its daily and weekly momentum indicators are positive and trending lower, the pair remains vulnerable to further downside losses putting its Jun 0508 low at 1.5364 as next downside objective followed by its May 0808 low at 1.5283 with a break of there if seen paving the way for a move towards its .50 Ret (1.4309-1.6018 high) at 1.5164.Initial upside target is located at the 1.5593 level, its May 0608 high where a clearance will open the door for additional higher prices towards the 1.5817 high, its May 2708 high accompanied by the 1.5895/I 5912 area, its Mar 3108 high/April 1008 high and subsequently its YTD high at 1.6018.On the whole,EUR looks to weaken further and possibly trigger its short term decline on hold since early May08 in the days ahead.

Support Comments

1.5510 April 0308 low

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

1.5283 May 0808 low

1.5164 .50 Ret (1.4309-1.6018 high)

Resistance Comments

1.5593 May 0608 high

1.5817 high May 2708 high

1.5895/I 5912 Mar 3108 high/April 1008 High

Daily Chart : EURUSD

GBPUSD: Looks To Push Back Into Its Already Broken Falling Channel.