Although a marginal higher close was recorded the past week following a loss of momentum at the 0.8885 level, the cross remains biased to the upside within its bullish channel. However, if we see a follow through lower on its Friday weakness, the 0.8610 level, its May 26'2011 low will come in as the next downside objective with a turn below there allowing for further weakness towards its channel bottom at 0.8515. On the upside, it will have to climb back above the 0.8885 level to halt its bear threats and open the door for a run at the 0.9083 level, its Jun 01'2011 high. Further out, resistance lies at the 0.9150 level, its Feb'2010 high followed by its channel top at 0.9230. Its weekly RSI is turning higher suggesting further strength. All in all, the cross remains biased to the upside within its bullish channel.
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