EURUSD: Another failed attempt at the 1.4446 level, its Aug 05'09 high saw the pair turning down sharply lower Thursday to close at 1.4298. With this price development, risk continues to point lower putting further downside pressure on its Dec 22'09 low at 1.4254 at first and then its Dec 22'09 low at 1.4216 level. A decisive break and hold below there will resume its declines off the 1.5143 level and clear the way for a run at the 1.4176 level, its Sept 01'09 low ahead of the 1.4044 level, its Aug 17'09 and next its big psycho level at 1.4000. On the other hand, EUR requires a decisive invalidation of its Aug 05'09 high at 1.4446 and the 1.4479 level, Dec 02'09 low to reverse its current downside vulnerability and bring further upside gains towards the 1.4625 level, its Nov 03'09 low where we may see a cap turning down the pair. On the whole, EUR continues retain its downside bias triggered at the 1.5139/43 levels and looks to target the 1.4254/16 levels


EURUSD Daily Chart.