EURUSD: Risk of a recovery higher continues to develop as the pair saw a halt in its nearer term weakness the past week. This development now leaves the EUR angling for further recovery towards its Aug 18′10 high at 1.2921. Further out, resistance is located at the 1.3332 level with a break of there resuming its short term uptrend towards its .50. Fib Ret (1.5143-1.1875 decline) at 1.3500 and then the 1.3691 level, its April 12′10 high. On the other hand, below the 1.2586 level will call for more weakness towards the 1.2522 level, its July 13′10 high followed by its Jun 20′10 high at 1.2466. Overall, with bull pressure developing, higher level prices are envisaged as we enter a new week.
