EURUSD: The pair may have established a range(clearly seen on the daily chart) between the 1.4446 and the 1.4216 levels but continues to maintain its downside bias in the short term. This suggests that the pair should resolve to the downside from the range as its preceding trend was down. In such a case, the 1.4176 level, its Sept 01'09 low will be targeted at first with a loss of there accelerating further downside weakness towards the 1.4044 level, its Aug 17'09 and subsequently its big psycho level at 1.4000. On the other hand, if another attempt on the upside is seen again, its strong resistance/range top residing at its Aug 05'09 high at 1.4446 will be aimed at with a turn above there allowing for further correction towards the 1.4479 level, Dec 02'09 and subsequently the 1.4625 level, its Nov 03'09 low. We envisage the 1.4479 or even the 1.4625 level should reverse roles and provide resistance and then turn the pair down, but if that fails, recovery higher could shape up towards the 1.4799 level, its Nov 20'09 high. On the whole, with its weakness off the 1.5139/43 levels still remaining valid though consolidating, further lower prices are expected towards the 1.4176 level and beyond.
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