Weekly Technical Strategist

• EURUSD: Prints Higher Prices But Tumbles To Close Lower
• GBPUSD: Continues To Look For Direction
• USDJPY: Sees Downside Momentum, Touches The 107.55 Low.

EURUSD

While EUR's rally off the 1.4520 low turned it above the 1.4724/51 zone, its Nov 09 & 14'07 highs early in the week after a lot of hesitation, it rose further on Friday testing a high of 1.4967 on intra day basis before ending the session at 1.4838.It however maintained a higher weekly close. The inability of the pair to hold on to the said gains with the subsequent collapse forming a long-legged doji like candle pattern (daily chart) may have signaled that a fresh corrective pullback/consolidation could be building up. In such a case, EUR should see downside weakness initially towards the 1.4724/51 area, its Nov 09 & 14'07 h

ighs followed by the 1.4602/81 area, which marks its .382 Ret (1.4015-1.4967 rally).Further downside pressure will target the 1.4535/20 level, its Mar'1995 high/Nov 12'07 high ahead of 1.4375/42 zone, its .618 Ret/ Oct 22'07 high.Additionally,while overbought conditions continue to persist on the daily and weekly time frames, nearer term downside weakness remains at risk. On the upside, reversing Friday losses and returning back above the 1.4918 level, its 1.618 Fib Ext (monthly chart) will pave the way for a retest of its YTD high at 1.4967 and ultimately its big psycho level at 1.5000.Beyond here will open

the door for higher prices towards the 1.5100 level, representing its psycho level. On the whole, EUR has tested higher prices and triggered its medium term uptrend but now requires a push above its Friday high at 1.4967 to pressure the 1.5000 level and beyond.

Directional Bias:

• Nearer Term -Mixed
• Short Term -Bullish
• Medium Term -Bullish

Performance in %:

• Past Week: +1.19%
• Past Month: +1.39%
• Past Quarter: +5.40%
• Year-To-Date: +12.43%

Weekly Range:

• High -1.4967
• Low -1.4621