EURUSD: Outlook Remains Higher Towards The 1.4719 Level

EURUSD: With continued upside gains seen the past week following its recent trigger of its medium term uptrend, outlook for higher upside gains remains towards its strong resistance at the 1.4719 level, its Dec 18'08 high. Although a rejection of that level was seen on Friday, as long as the mentioned medium term strength remains, EUR looks to break and hold above there. In such a case, the 1.4875 level, representing its Sept 21'09 high will be targeted ahead of the its psycho level at 1.5000. On the downside, further corrective pullback if seen will trigger declines towards the 1.4634 level, its Sept 11'09 high at first with a break and hold below there creating scope for further pressure towards the 1.4446 level, its Aug 09 high. This level is of significance in the pair's current run to the upside, as it is expected to reverse roles and provide support. On the whole, having continued to print higher level prices, EUR remains poised to target additional upside gains.

Directional Bias:

Nearer Term -Bullish

Short Term - Bullish

Medium Term -Bullish

Performance in %:

Past Week: +1.92%

Past Month: +0.55%

Past Quarter: +5.89%

Year To Date: +4.24%

Weekly Range:

High -1.4634

Low -1.4207

Weekly Chart: EURUSD

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