Climbs Back Above The 1.5062 level

EURUSD: The pair closed higher for a third day in a row following its recovery off the 1.4827 level, its Nov 27'09 low. That has put it above the 1.5062/82 levels and now leaves risk towards its YTD high at 1.5143 where a convincing break if seen will propel it further higher towardsits May 08'08 low at 1.5283 and possibly higher. We are cautious at the current price levels as a firm hold above the 1.5062/1.5143 levels must be established to prevent downside risks. Immediate support is provided by the 1.5062 level with a turn below there targeting the 1.4895 level, its LT rising trendlineahead of its Nov 20'09 low at 1.4799 followed by its Nov 03'09 low at 1.4625 where a cap is expected.

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