EURUSD-Although EUR took back most of its losses off the 1.4200 level the past week, it must now break and close above that level to clear the way for a run at its YTD high at 1.6339. Breaking and holding above the latter will resume the pair's medium term uptrend now on hold towards the 1.4719 level, its Dec 18'08 high. The pair is supported by its RSI which has turned higher. This view is coming on the back of the pair's last week performance but if that fails to follow through higher, downside pressure should shape towards the 1.4072 level, its July 09'09 high with a turn below there leaving the pair targeting the 1.3897 level, its July 13'09 low. Further down, on a break of the latter, the 1.3833 level, its July 08'09 low will be aimed at ahead of the 1.3748 level, representing its Jun 16'09 low. That level which doubles as its range bottom between the 1.4339 and 1.3748 levels is expected to cap declines if tested. On the whole, EUR now has its eyes on the 1.4200 level having closed higher the past week.

EURUSD

EURUSD

Directional Bias:
Nearer Term -Mixed
Short Term -MixedMedium Term -Bullish

Performance in %:

Past Week: +1.18%
Past Month: -0.83%
Past Quarter: +5.89%
Year To Date: +0.93
Weekly Range:
High -1.4162
Low -1.3897

GBPUSD: Maintains Above Its MT Rising Trendline

GBPUSD-With a turn ahead of its MT rising trendlineand a higher close the past week wiping its previous week losses, GBP has now turned attention to the 1.6479 level where its July 16'09 high is located. Beyond that level will trigger further upside gains towards its 2009 high at 1.6742 with a clean penetration and negation of there resuming its medium term uptrend and opening further upside towards the 1.7000 level, its psycho level and possibly higher. Although this view is tempered with its consolidation/correction off the 1.6742 level, its overall medium term uptrend still points higher. On the downside, its July 17'09 low at 1.6266 comes in as the initial support if its Friday losses were to continue with an acceleration below there paving the way for a move towards the 1.6034 level, its July 13'09 low and then its July 08'09 low at 1.5984. While the last two levels are expected to reverse roles and provide support, a turn below there will set the stage for a move towards the 1.5802 level, its Jun 08'09 low. All in all, GBP looks to retarget the 1.6479 level as it still maintains its overall medium term upside bias.

EURUSD

EURUSD

Directional Bias:
Nearer Term -Mixed
Short Term -Mixed
Medium Term -Bullish
Performance in %:
Past Week:: +0.76%
past Month: +1.79%
Past Quarter: +14.74%
Year To Date:: +11.65%
Weekly Range:
High -1.6479
Low -1.6034