EURUSD: Trades Above The 1.4844 level
EURUSD - The pair remains hesitant giving back its intra day losses to test a high of 1.4917 before closing marginally higher at 1.4876 on Thursday. Though currently trading above its key resistance at the 1.4844 level, a firm hold above there is required to signal further upside strength. Potential for additional higher prices exist towards its Oct 27'09 high at 1.4926 with a loss of that level extending upside gains towards 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. Its daily stochremains supportive of this view. On a failure above the 1.4844 level, downside pressure should 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 could develop towards the 1.4479 level, its Oct 02'09 low. 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 then 1.5000 levels.