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EURUSD: Closes On A High Wave Candle, Holds Above MT Rising Trendline .


EURUSD- While a loss of momentum at the 1.4444 level, its Aug 03’09 high saw EUR producing a shooting star candle and driving the pair to a low of 1.4085 on Wednesday, its inability to clearly hold on to those losses saw it forming a  high-wave candle(signs of confusion) the past week. With that said, as long as the pair continues to hesitate above its MT rising trendline drawn off the 1.2456 level, EUR has its eyes on the resumption of its medium term uptrend with initial resistance located at the 1.4326 level, its Aug 13’09 high. Above there will clear the way for a run at the 1.4444 level, marking its Aug 03’09 high where a break will resume its MT uptrend towards the 1.4719 level, its Dec 18’08 high and possibly higher. On the other hand, its Aug 12’09 high will come as the next support  with a turn below there pushing the pair further lower towards the 1.4006 level, its July 29’09 low. Beneath there will allow the pair to target the 1.3826 level where its MT rising trendline is located. On the whole, with hesitation seen above its MT rising trendline , EUR could preparing to head back up.


Directional Bias:

Nearer Term –Mixed

Short Term – Mixed
Medium Term –Bullish

Performance in %:
Past Week:  +
0.14%

Past Month: -0.83%

Past Quarter: +5.89%

Year To Date: + 1.65%

 

Weekly Range:

High -1.4326

Low -1.4085

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