EURUSD: Higher Recovery Aims At The 1.5014 Level
EURUSD- Rising from its past week losses, EUR was seen rallying strongly today reversing all most of its last week losses and clearing the way for further upside towards the 1.5014 level, its Nov 16'09 high. This current rally is consistent with our medium term bullish structure view referenced in our weekly analysis. A close above the 1.5014 level on a daily closing basis will provide some confidence for a retarget of its YTD high at 1.5062 where a break will resume 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 RSI has turned higher supporting its present upside offensive. Downside objective in case of a pullback lies at its LT rising trendline currently at 1.4809 where cap is expected but if that fails, further price acceleration could be seen towards its Nov 03'09 low at 1.4625 with a break below the latter deepening further retracement and exposing the 1.4479 level, its Oct 02'09 low.
Daily Chart: EURUSD