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EURUSD: Recovery Momementum Eyes The 1.3414 Level

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EURUSD: Our outlook for EUR remains for a further move towards the 1.3414 level having failed to hold below the 1.3200 level and rallied higher for the third consecutive day. As highlighted in our previous analysis, a hold below the 1.3200 level is very crucial for the continuation of EUR's medium term weakness. That failure has triggered a corrective recovery and now eyes the 1.3414 level, its April 26'10 high with a break aiming at the 1.3522 level, its April 20'10 high. Beyond there will open further upside risk towards the April 12'10 high at 1.3691 and subsequently the 1.3816 level, its Mar 17'10 high. The risk to this upside view will be a break back below the 1.3200 and 1.3113 levels which will put bears back in control and turn focus to its big psycho level at 1.3000 and then its April 19'10 low at 1.2884. Overall, with a loss of bear momentum at the 1.3113 level pushing the pair back above the 1.3200 level, risk of a recovery higher is now developing towards the 1.3414 level

Mohammed Isah

This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are the author's own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which the author incur any responsibility. The does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report


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