EURUSD: The declines triggered off the 1.3738 level, its Mar 23'09 high looks to have bottomed as the pair reversed sharply higher Thursday through the 1.3330 level, its Jan 27'09 high/range top to close higher at 1.3460. Sustaining those gains will call for additional upside risk towards the 1.3738 level, Mar 19'09 high. This significant resistance level must give way for the resumption of the pair's short term uptrend initiated at the 1.2456 level, its Mar 04'09 low to occur towards the 1.3869 level, its .618 Ret and then the 1.4363 level, its Dec 29'08 high. While the daily RSI which is now trending higher remains supportive of the current upmove, EUR has to maintain above the 1.3330 level to keep its hope of resuming its ST uptrend alive. On the downside, supports are located at the 1.3419 level, its Mar 25'09 with a breach of there turning focus to the 1.3330 level where a cap is expected. Further down, the 1.3113 level, its Mar 30'09 low and the 1.3097/93 area, its Feb 09'09 high/.50 Ret(1.2456-1.3738 rally)will be targeted if the 1.3330 level snaps. On the whole, with the 1.3330 level broken again, the pair is now expected to build on that gain and target higher prices.

Support Comments

1.3419 Mar 25'09 low

1.3330 Jan 27'09 high

1.3113 Mar 30'09 low

Resistance Comments

1.3738 Mar 19'09 high

1.4363 Dec 29'08 high

1.4719 Dec 18'08 high

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