Technicals

EURUSD- EUR reversed part of its previous week losses to clse higher at 1.5652 on Friday following its recovery bounce off its Jun 1308 low at 1.5304.Maintaining the mentioned gains should push the pair higher this week towards the 1.5844 level, its Jun 0908 high ahead of the 1.5895/I 5912 area, its Mar 3108 high/April 1008 high and then its YTD high at 1.6018.Both the daily and weekly Stochastics & RSI remain supportive of this view.However,failing at the current levels to follow through on the said upside gains would suggest a turn lower aiming at the 1.5593 level, its May 0608 initially followed by its May 0808 low at 1.8285 with a break through there triggering the resumption of its short term downtrend and extending lower prices towards its .50 Ret (1.4309-1.6018 high) at 1.5164.On the whole,EUR is expected to lose momentum as it is approaching the 1.5844 level and later turn lower but a failure to do that followed with a break and hold above there (1.5844)will invalidate out short term downtrend outlook and increase further upside risk.

Directional Bias:

Nearer Term Bullish

Short Term Bearish

Medium Term Bullish

Performance in %:

Past Week: +1.51%

Past Month: -0.45%

Past Quarter: +8.03%

Year-To-Date: +7.03%

Weekly Range:

High -1.5652

Low -1.5347

GBPUSD: GBP Turns Focus To The 1.9800/50 Zone