EURUSD:  Incursions into the 1.3000 region met with strong resistance on Friday as highlighted in our earlier analysis. This calls for caution as the 1.3000 level could continue to attract the bears due to its significance. However, despite this price action EUR retains its nearer term uptrend started from the 1.1875 level as it closed sharply higher at the end of the week. A decisive clearance of the 1.3000 level is now required to continue its nearer term uptrend and bring gains towards its May 10’10 high at 1.5093 with a loss of there triggering further strength towards its May 03’10 high. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, a violation of the 1.2721 and the 1.2466 levels will have to occur to halt its nearer term upside momentum and clear the way for more downside pressure towards its .50. Fib Ret (1.1875-1.2466 rally) at 1.2169 and the 1.2162 levels, its Jun 14’10 low. Below there will set the stage for a move lower towards the 1.2000 level. 

 

 

 

 

 

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