TEN Exclusive: EURUSD – Consolidation With Upside Bias
Tuesday, March 16th, 2010
EURUSD – The pair may have turned lower off the 1.3795 level, its Mar 12’10 high but continues to maintain its corrective to consolidation tone set from its 2010 low at 1.3433. This suggests that its present price action is a correction of its move from the 1.3433 level to the 1.3795 level. We will be looking for its Mar 09’10 low at 1.3536 to provide support if further downside pressure is seen. Further out, another support is located at the 1.3433 level, its 2010 low. Alternatively, above the 1.3795 level will reverse its present downside pressure and trigger further upside towards the 1.3838 level, its Feb 09’10 high where we may see a halt in price turning the pair lower in line with its broader medium term downtrend. However, if that level fails, its Feb 03’10 high sited at 1.4025 will be targeted. Overall, though EUR is medium term biased to the downside following its recent declines from the 1.5143 level, we favour corrective recovery of that trend nearer term.
Support Comments
1.3536 Mar 09’10
1.3433 2010 low
1.3211 Jun 03’09 low
Resistance Comments
1.3795 Mar 12’10 high
1.3838/51 Feb 01’10 high/Feb 09’10 low
1.4025 Feb 03’10 high
Directional Bias
Nearer Term – Mixed
Short Term – Bearish
Medium Term – Bearish
Performance (%)
Past Week: +1.04
Past Month: -1.79%
Year To Date: -4.02%
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