TEN Exclusive: EURUSD – Triggers Corrective Recovery, Eyes The 1.3787/1.3838 Levels
Sunday, March 14th, 2010
EURUSD – EUR having decisively broken and held above its Mar 03’10 high at 1.3735 has cleared the way for a move higher towards the 1.3787 level, its Feb 17’10 high. A clean penetration and negation of that level will leave the pair targeting its bigger resistance located at the 1.3838 level, its Feb 09’10 high. We expect a halt in price here to turn back the pair lower in line with its broader medium term downtrend. However, if that level gives in, its Feb 03’10 high sited at 1.4025 level will come in as the next upside target. Its weekly RSI has turned higher from the over zone suggesting further strength. In case of pullbacks, the 1.3735 level just violated should provide support and if that level is broken, our focus will turn to its Mar 09’10 low at 1.3536 followed by its 2010 low at 1.3433. On the whole, further recovery strength is now expected towards the 1.3787/1.3838 levels having taken out the 1.3735 level the past week.
Directional Bias:
Nearer Term – Bullish
Short Term – Bearish
Medium Term – Bearish
Performance in (%):
Past Week: +1.04%
Past Month: -1.79%
Past Quarter: -2.16%
Year To Date: -4.02%
Weekly Range:
High: -1.3795
Low: -1.3536
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