By | February 12 2009 7:42 PM

The EURUSD is putting up a fight holding onto the 4 month trendline as indicated by the chart below and has yet for this year to make a low under the bottom for 2008 (around 1.2300 figure).  As it stands, the garrison the bulls have posted up around is holding but has yet to make any significant dent in the armor of the in-control bears.  And while the bulls have had a few skirmishes testing the attack posture of the bears at the moment, the pair has not had a daily close above the 20EMA since Jan. 9th of this year and it has spent a combined 3 days above the 20EMA while posting about 27 days below it.  This does not bode well for bullish technical traders and many of the technical aspects of the daily chart suggest and upside swings need to break through some serious barriers before they can have their day.