Technicals

EURUSD- EURs rise off its YTD low at 1.3882 suffered a setback the past week stalling at the 1.4867(Sept 2208 high) level and turning back ahead of the 1.4951/67 levels, its Nov07/Feb08 congestive highs close the week at 1.4609.It is now spotting a shooting star candle pattern, an upside reversal signal. The 1.4481/1.4542 area, its Sept 15 &1808 highs is now exposed on continued weakness with a break and hold below there activating further losses towards the 1.4366/10 zone, its Jan08/Dec07 lows ahead of its Sept 16 low at 1.4073 and subsequently the 1.4015 level, its Oct07 low. Below the latter will target the 1.3882 and possibly even lower. Daily studies remain supportive of this view. Alternatively, breaking back above the 1.4867 level will be required to trigger its halted recovery off the 1.3882 level towards the 1.4909 level, its Aug 2108 high at first and then the 1.4951/67 levels. Another upside objective resides at the May/Jun08 lows at 1.5263/85 on overcoming the latter level. On the whole, the 1.4481/1.4542 area has to cleanly be broken to create downside pressure and trigger further losses. Until that happens maintaining above the mentioned zone could put the pair on the path of consolidation to upside gains.

Directional Bias:

Nearer Term Bearish

Short Term Mixed

Medium Term Bearish

Performance in %:

Past Week: +0.99%

Past Month: -5.85%

Past Quarter: +0.01%

Year To Date:-0.15%

Weekly Range:

High -1.4867

Low -1.4437

Weekly Chart: EURUSD