EURUSD: Upside Seen Above The 1.4736/1.4625 levels.

EURUSD- Price hesitation continues to be seen with EUR holding firmly above its LT rising trendline and its major emas. We maintain that while the pair holds above the mentioned support levels chances are for a return to its YTD high at 1.5062 with an eventual break of there creating scope for further upside towards the 1.5082 level, its Aug 10'08 high and next its 1.5283 level, its May 04'08 low. However, a break  below the 1.4736 level and the 1.4625 levels will have to be seen to reverse our upside view and bring further losses towards its Oct 02'09 low at 1.4479. Also we expect a combination of the first mentioned levels(1.4736 and 1.4625) to provide strong support if tested and turn the pair back up. .

Daily Chart: EURUSD

 

width=400