EURUSD: As declines halted at 1.4272 and a higher close was seen on Tuesday, early morning strength today now looks to push the pair further higher towards the 1.4376 level where its Sept 01'09 high is located. This view remains consistent with its medium term uptrend and should witness more upside pressure towards the 1.4405 level on a loss of the 1.4376 level. Further out, resistance is located at the 1.4719 level, its Dec 18'08 high and then the 1.4875 level, its Sept 21'09 high. On the downside, support begins at the 1.4176 level, its Sept 01'09 low followed by its MT rising trendline currently seen at 1.4054. On a turn below that level, EUR should weaken further towards the 1.3747 level, its Jun 16'09 low. Its daily stochastic is bearish and trending lower suggesting further downside weakness. On the whole, with a continued hold above its rising channel, EUR looks to trigger the resumption of medium term uptrend now on hold.

Daily Chart: EURUSD

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