EURUSD - Although a back off higher prices was seen the  past  week after  EUR torched a high of 1.4405, while it continues to hold above its MT rising trendline  odds for more upside gains remain. This view  still puts the 1.4444 level, its Aug 03'09 high  under pressure where a break higher through there will clear the way for a run at the 1.4719 level, its Dec 18'08 high and possibly higher towards the 1.4875 level, representing its Sept 21'09 high. However, if  its mentioned hesitation , we could see the turning back down towards the 1.4044 level, marking its Aug 17'09 low  which coincides with its rising trendline  where a cap is expected. Decisively invalidating that level will mean additional losses towards the 1.3747 level, its Jun 16'09 low. On the whole, although hesitating, EUR still biased to the upside while maintaining above its MT rising trendline.

Directional Bias:

Nearer Term -Mixed

Short Term - Bullish

Medium Term -Bullish

Performance in %:

Past Week:  +0.14%

Past Month: -0.83%

Past Quarter: +5.89%

Year To Date: +1.65%

Weekly Range:

High -1.4405

Low -1.4207

Weekly Chart: EURUSD

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