EURUSD: Maintains Bearish Momentum Towards The 1.4044/00 Level

EURUSD: As bear's attacks swept through its key support levels at the 1.4262 level, its Jan 08'10 low and the 1.4176 level, its Sept 01'09 low on Wednesday, threats of further declines towards the 1.4044 level, its Aug 17'09 and subsequently its big psycho level at 1.4000 are now seen. The pair was seen trading to a low of 1.4065 as at the time of this analysis and a build on that should expose the levels highlighted above. EUR should find a respite at the 1.4000 level which is its psycho level. However, if that level gives in, further downside acceleration should shape up towards its July 08'09 low at 1.3831 ahead of the 1.3747 level, its Jun 16'09 low. Both its weekly and daily studies are bearish and pointing lower supporting further downside. On the other hand, corrective recovery if seen should initially target the 1.4176 level, its Sept 01'09 low where a reversal of roles is expected to push the pair back down again. Further out, the 1.4216 level, its Dec 22'09 low comes in as the next upside target followed by the 1.4262 level, its Jan 08'09 low with a cut through there creating scope for further gains towards the 1.4446/79 levels, its Aug 05'09/Oct 02'09.