EURUSD: Preparing For An Attack On The 1.3027 Level.
EURUSD: Price hesitation may have been seen but while the pair continues to trade above the 1.2721 and the 1.2466 levels, its short term recovery started from the 1.1875 level (2010 low) remains intact. As long as the above view holds, we look for the pair to move towards the 1.3027 level, its July 20’10 high. Above that level will call for more strength towards its May 10’10 high at 1.5093 with a loss of there triggering further strength towards its May 03’10 high at 1.3310. This view is consistent with the short term uptrend triggered from the 1.1875 level. Alternatively, a violation of the 1.2721 and the 1.2466 levels will have to occur to halt its short 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 the latter will set the stage for a further move lower towards the 1.2000 level. Overall, EUR remains biased to the upside and looks to recapture the 1.3000/27 levels.
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