EURUSD: Recovery Strength Eyes The 1.4844 Level.
EURUSD-Having halted its nearer term corrective pullbacks at the1.4479 level and triggered an upside strength, EUR was seen building on that gain today pushing through its Sept 30'09 high at 1.4672. With this development price action is now expected to develop towards its YTD high at 1.4844 with a decisive penetration of there allowing further upside gains towards the 1.4875 level, representing its Sept 21'09 high ahead of the its psycho level at 1.5000 and then the 1.5082 level, its Aug 10'08 high. Its daily studies are supportive of this view. However, any price stall at the current level will put its nearby support at 1.4672 under pressure where a break low will expose its Oct 02'09 low at 1.4479. A cap is expected at the latter level. The next support lies at its MT rising trendlinecurrent at 1.4347. We retain our medium term bullish view on the pair with a break and hold above the 1.4844 level triggering that trend.