EURUSD: Maintains Above LT Rising Trendline

EURUSD: With a build on its Friday lower level rejection candle seen on Monday, EUR saw a test of 1.5082 level before backing off to close at 1.5033 at the end of the session. It was seen following through higher on its Monday gains today. The pair must break and hold above its key resistance levels seen at the 1.5062 and 1.5143 levels to annul the efficacy of a hammer formation on the weekly time frame. In such a case, further higher prices are expected towards its May 08'08 low at 1.5283 and possibly higher. However, while the 1.5142 level remains unbroken, threats of lower prices cannot be ruled out and if that occurs, the 1.4890 level, its LT rising trendlinewill be targeted with a break turning focus to its Nov 20'09 low at 1.4799 followed by its Nov 03'09 low at 1.4625 where a cap is expected.On the whole, although retaining its overall medium term uptrend a break and close the 1.5143 level is required to trigger that trend.

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