EURUSD- EUR closed higher for a second consecutive week on Friday following its recovery off its May 08’08 low at 1.5285.The pair remains supported by its daily momentum indicators which are positive and pointing higher suggesting further gains but such strength must push it decisively through its May 06’08 high at 1.5595 and the 1.5710 level, marking its April 18’08 low to reduce the present short term downside threat. Beyond the two mentioned resistance will open the door for higher prices towards the 1.5895/I 5912 area, its Mar 31’08/April 10’08 highs and next the 1.6000/20 area.However,failure at the 1.5595 area or even the 1.5710 level will see EUR turning lower aiming at its Mar 24’08 low/.50 Ret (1.4440-1.6018 high) at 1.5342/27.Clearing the latter will trigger further decline towards the 1.5164 level, its .50 Ret (1.4309-1.6018 high).On the whole, having sustained its recovery off the 1.5285 low,EUR now must break and trade above the 1.5595 and 1.5710 levels to reduce ST downside pressure and target additional higher prices.

Directional Bias:

Nearer Term –Bullish
Short Term –Bearish
Medium Term –Bullish

Performance in %:

Past Week: +0.55%
Past Month: +0.84%
Past Quarter: +8.03%
Year-To-Date: +6.76%

Weekly Range:

High -1.5601
Low -1.5573