EURUSD: Clears The 1.5062 Level, Corrects

EURUSD: After exactly one month following its loss of upside momentum at the 1.5062 level, EUR was seen decisively breaking through that level on Wednesday as well as the 1.5082 and the 1.5100 levels to close higher at 1.5132. This victory and its medium term resumption is coming on the back of a corrective decline to as low as 1.4625 level on Nov 03'09 and its subsequent rallies mixed with failed attempts ahead of the 1.5062. It was seen retesting that level today but continues to retain its medium term uptrend. Resistance is seen at the 1.5143 level, its Nov 25'09 high with a break of there exposing its May 08'08 low at 1.5283 and beyond (Special Focus On EURUSD).With that said, pullbacks if seen should target the 1.5082/62 levels where a reversal of roles is expected to turn the pair back up again. Further down, support is positioned at the 1.5000 level, its big psycho level. On the whole, with one month of correction finally resolving to the upside and triggering the resumption of EUR's medium term uptrend, risks are now seen higher towards the 1.5283 level and beyond.

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