EURUSD: Biased To The Upside While Holding Above MT Rising Trendline.

EURUSD: Although the pair's intra day gains faded collapsing to a low of 1.4235 before closing at 1.4254 on Thursday, as long it continues to trade and hold above its MT rising trendline, bias remains to the upside medium term. Having said that, EUR now requires a clearance of the 1.4345 level to maintain further upside pressure towards the 1.4405 level, its Aug 27'09 high. Further out, resistance is situated 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.

Support Comments

1.4176 Sept 01'09 low

1.4054 MT Rising Trendline

1.4000 Psycho level

Resistance Comments

1.4345 Sept 03'09 high

1.4405 Aug 27'09 high

1.4444 Aug 03'09 high

Daily Chart: EURUSD