EURUSD: Eyes A Revisit Of The 1.4844 Level

EURUSD - With EUR seen this morning reversing its Wednesday strength and trading above its Tuesday high (1.4761), its psycho level at 1.4800 remains the immediate target. A clean invalidation of there will set the stage for a return to its YTD high at 1.4844 level with a violation of that level resuming its medium term uptrend currently on hold towards the 1.4875 level, representing its Sept 21'09 high. Further out, resistance is located at 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 as they have turned higher. However, any price stall at the current level will put its nearby support at 1.4672 under pressure where a break lower will expose its Oct 02'09 low at 1.4479. A cap is expected at the latter level. Below there though not envisaged at the level will expose its MT rising trendlinecurrent at 1.4374. We retain our medium term bullish view on the pair with a break and hold above the 1.4844 level triggering that trend.

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