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Daily Technical Strategist: EURUSD

EURUSD: Broader Bias Remains To The Upside.

EURUSD:  While the pair continues to trade within its established bullish channel, our bias remains to the upside. The upside risk is for EUR to return above the 1.4266/79 level where a break will aim at the 1.4576 level, its Jan 2010 high and possibly higher towards the 1.4902 level.  Its daily stochastic is bullish and pointing higher supporting this view. Alternatively, its channel support at 1.4103 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.

Daily Technical Strategist