EURUSD: Maintains A Third Consecutive Week Of Higher Closes

[Mohammed Isah]

EURUSD- EUR maintained its bullish tone for a third consecutive week building on its strength activated at the 1.3831 level, its July 08’09 low and opening up upside risk towards its YTD high at 1.4339. Having sustained that strength and also printed a higher monthly close, an eventual break above the 1.4339 level will resume its medium term uptrend and clear the way for a run at the 1.4719 level, its Dec 18’08 high. Its weekly and monthly RSI are bullish and trending higher suggesting further strength. Downside objective starts at the 1.4200 level, its July 01’09 high ahead of the 1.4164 level, its July 17’09 high and then the 1.4072 level, its July 09’09 high. Others are located at the 1.3897 level, its July 13’09 low and the 1.3831 level, its July 08’09 low with a loss of there targeting 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 seen. On the whole, with a third week of upside seen, EUR looks to retest and possibly trigger the resumption of its medium term upside.

Directional Bias:

Nearer Term –Bullish

Short Term – Bullish

Medium Term –Bullish

Performance in %:

Past Week: +0.39%

Past Month: +1.55%

Past Quarter: +5.89%

Year To Date: +2.04%

Weekly Range:

High -1.4303

Low -1.4006