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Special Focus: EURUSD

EURUSD: Vulnerable Within Bullish Channel.

EURUSD:  The pair is trapped within its rising channel but our bias remains higher as long as EUR continues to trade within its established bullish channel and hold above the 1.4035 level. Resistance resides at the 1.4248/79 levels with a loss of there targeting the 1.4576 level and possibly higher.  Alternatively, channel support at 1.3970 comes in as the next downside objective followed by the 1.3852 level, its Mar 15’2011 low with a breach of that level allowing for more declines towards the 1.3754 level. A halt in declines is likely at this level if tested.  However, its clearance will pave the way for a move lower towards its Feb 28’2011 low at 1.3710. 

Special Focus