EURUSD- Outlook for EUR remains higher medium term as it continues to push higher trading as high as 1.4612 on before closing at 1.4501 on Wednesday. It was see building on those gains in early trading today which now leaves upside target at the 1.4719 level, its Dec 18'08 high with a turn above the latter allowing further upside targeting the 1.4875 level, its Sept 21'09 high. Its daily stochastics and RSI are bullish and trending higher suggesting further strength. On the downside, support begins at the 1.4446 level, its just eroded former resistance where a reverse of roles is expected to turn the pair higher again. However, if that level gives way, we could see further declines towards  the 1.4405 level ahead of the 1.4176 level, its Sept 01'09 low. Below there will aim at its MT rising trendline currently seen at 1.4142. Overall, having invalidated the 1.4446 level and activated the resumption of its medium term uptrend, risk further upside gains are expected..

Support                Comments

1.4446                   Aug 05'09 high

1.4405                   Aug 27'09 high

1.4176                   Sept 01'09 low

Resistance            Comments

1.4599                   Sept 09'09 high

1.4719                   Dec 18'08 high

1.4875                   Sept 21'09 high

Daily Chart: EURUSD

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