EURUSD: Bullish Above The 1.4844 level

EURUSD - Having opened the week on bullish momentum following its decisive break through its Oct 27'09 high on Monday, threats of further gains continue to be seen towards the 1.5000 level. Though seen hesitating in early trading today, while the 1.4926 level or even the 1.4844 level remains unbroken, we expect the pair to head further higher. Beyond the 1.5000 level will highlight its YTD high at 1.5062 with a loss of there resuming its medium term uptrend towards the 1.5082 level, its Aug 10'08 high and then its 1.5283 level, its May 04'08 low. Its daily studies are bullish and pointing higher supporting this view. Supports are seen at the 1.4926 level and the 1.4844 level with a clean break of the latter bringing further downside losses towards the 1.4660 level where its LT rising trendlineis located. A cap is expected there if tested but if it snaps the 1.4625 level, its Nov 03'09 low will be targeted. On the whole, having held firmly above the 1.4844 level, further upside is expected nearer term.

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