EURUSD: 

Though broadly biased to the downside following its weakness triggered off the 1.45143/39 level, its current corrective upside started off the 1.4216 level, its Dec 22’09 low looks to target higher prices. In such a case, its Aug 05’09 high at 1.4446 and the 1.4479 level, Dec 02’09 low will come in as next upside targets where we might see a cap thereby turning the pair lower again. If however those levels snap, further upside gains could develop towards the 1.4625 level, its Nov 03’09 low with a turn above there paving the way for more strength towards the 1.4799 level, its Nov 20’09 high or even higher. Its daily RSI is clearly supportive of this view. On the downside, its Dec 22’09 low at 1.4216 comes in as the immediate downside target with a cut through there allowing for further weakness aiming at the 1.4176 level, its Sept 01’09 low. Further down, supports are situated at the 1.4044 level, its Aug 17’09 and next its big psycho level at 1.4000.

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