EURUSD: Above The 1.5062 Level To Trigger MT Trend Resumption
EURUSD - EUR continues to sustain its upside gains started from the 1.4625 level though having a tough time breaking and holding firmly above its key overhead resistance at the 1.5000 level. Although attempt above the level failed on Tuesday and Wednesday, as long as the pair continues to hold above its strong support at the 1.4844 level and its LT rising trendline, an eventual retarget and break of the 1.5000/62 levels is likely to be seen. Beyond there will open further upside risk towards the 1.5082 level, its Aug 10'08 high and next its 1.5283 level, its May 04'08 low. Its daily studies are bullish and pointing higher supporting this view. Supports are located 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 breaks, the 1.4625 level, its Nov 03'09 low will be targeted. The risk to our analysis will be a loss of the 1.4844 level followed with a break below its LT rising trendline. On the whole, having held firmly above the 1.4844 level, further upside is expected nearer term.