EURUSD :EUR continues to recover higher following through to the upside for a third day in row since beginning its upmove off the 1.2888 level, its April 20'09 low. I was seen strengthening further in early trading today. This development has now opened up upside risk towards the 1.3330 level, its Jan 27'09 high which is within the vicinity of EUR's falling channel top at 1.3335. Daily momentum is pushing higher, adding to a growing bullish evidence. Supports are located at the 1.3113 level, its Mar 30'09 low and the 1.3097/93 area, its Feb 09'09 high/.50 Ret (1.2456-1.3738 rally) followed by the 1.2991 level, its Feb 23'09 high and then its Mar 16'09 low at 1.2833 with a break and close below there opening the door for a decline towards the 1.2456 level, its Mar 04'09 high enroute to its 2008 low at 1.2330. On the whole, having maintained downside losses since tumbling off the 1.3738 level though recovering, risk remains to the downside while holding within its declining channel.

Support Comments

1.2991 Feb 23'09 high

1.3113 Mar 30'09 low

1.3097/93 Feb 09'09 high/.50 Ret(1.2456-1.3738 rally)

Resistance Comments

1.3330/35 Jan 27'09 high,channel top

1.3391 April 13'09 high

1.3580 April 06'09 high

Daily Chart: EURUSD