EURUSD: EUR rallied further Wednesday following through on its breakout gains above the 1.4446 level on Tuesday to close higher at 1.4547. Although it was seen hesitating in early trading today, its overall medium term upside triggered following the mentioned break remains intact with further upmove expected towards the 1.4599 level, marking its minor high. Beyond there will clear the way for a push towards the 1.4719 level, its Dec 18'08 high with a turn above the latter allowing further upside targeting the 1.4875 level, its Sept 21'09 high. Its daily stochastics and RSI are bullish and pointing higher suggesting further strength. On the downside, support begins at the 1.4446 level, its just eroded former resistance followed by the 1.4405 level and then the 1.4176 level, its Sept 01'09 low. Below there will aim at its MT rising trendline currently seen at 1.4142. That zone should cap declines and turn the pair back up again if seen. Overall, having invalidated the 1.4446 level and activated the resumption of its medium term uptrend, risk remains to the upside.

Support                Comments

1.4446                   Aug 05'09 high

1.4405                   Aug 27'09 high

1.4176                   Sept 01'09 low

Resistance            Comments

1.4599                   Sept 09'09 high

1.4719                   Dec 18'08 high

1.4875                   Sept 21'09 high

Daily Chart: EURUSD

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