EURUSD: Overall Uptrend Remains Intact.
EURUSD - Despite its inability to head higher on Tuesday, EUR still retains its medium term bullish structure suggesting its current price hesitation is corrective. Though currently vulnerable following its sell off on Tuesday, a break below its longer term rising trendlinecurrently at 1.4716 and the 1.4625 level, its Nov 03'09 low must occur to put our medium term upside view on hold and bring further downside pressure to the downside at its Oct 02'09 low at 1.4479. However, we expect a combination of the first mentioned levels(1.4716 and 1.4625) to provide strong support if tested and turn the pair back up. To the topside, the pair requires a decisive break and hold above its YTD high at 1.5062 to resume its MT uptrend towards the 1.5082 level, its Aug 10'08 high and next its 1.5283 level, its May 04'08 low.