EURUSD: Firm Hold Above The 1.4844 level Required.
EURUSD - With a close above the 1.4844 level seen Wednesday following its recovery higher triggered off the 1.4701 level, potential for additional higher prices exist towards its Oct 27'09 high at 1.4926. In order for this view to hold the pair must maintain above the 1.4844 level but if that fails, downside pressure could shape towards the 1.4625 level ahead of its MT rising trendlinecurrently at 1.4593 where we expect a cap. However, if that fails to materialize, price acceleration should shape towards the 1.4479 level, its Oct 02'09 low. On the other hand, convincingly holding above the 1.4844 level will keep risk higher towards the 1.2926 level initially with a break targeting the 1.5000 level, its psycho level and then its YTD high at 1.5062. Beyond there will trigger the resumption of its medium term uptrend now on hold.On the whole, EUR must maintain above the 1.4844 level to reduce its corrective downside pressure and bring gains towards the 1.4926 and 1.5000 levels.