EURUSD: Strength Still Targeting The 1.4844 Level

EURUSD - Strength for a retarget of the 1.4844 level remains in force following the pair's rally pushing to a higher close of 1.4788 on Monday. Although seen hesitating in early trading today, we still see risk towards the 1.4844 level with a loss of there resuming its MT uptrend towards the 1.4875 level, representing its Sept 21'09 high. Further out, resistance is located at its psycho level at 1.5000 and then the 1.5082 level, its Aug 10'08 high. Its daily studies are supportive of this view as they have turned higher. Downside objectives is located at its Oct 09'09 low at 1.4672 level with a violation of that level paving the way for further declines towards the 1.4479 level, its Oct 02'09 low where a cap is expected. While the pair continues to hold above its rising MT trendline, its medium term outlook remains intact. We retain our medium term bullish view on the pair with a break and hold above the 1.4844 level triggering that trend.

/