Week of April 14, 2009

EURUSD’s intraday rise from 1.3125 remains active as only a 2 hour open and close below 1.3289 will complete this rise while yesterday’s 1.3391 high holds.  As to the medium term fall from the December 18, 2008 high of 1.4718, this fall is complete at the March 4, 2009 low of 1.2455, with prices currently trading within the 1.2989-1.3854 consolidation zone, as a daily open and close outside this zone will see further price extension in the direction of the break. For the session ahead, look for prices to stabalize within the 1.3227-1.3289 zone before another attempt to the upside.

GBPUSD’s intraday rise from 1.4606 remains active as only a 2 hour open and close below 1.4799 will complete this rise while today’s 1.4919 high holds, as prices will then move within a 1.4724-1.4799 consolidation zone before another attempt to the upside. As to the broad outlook, the fall from the September 25, 2008 high of 1.8666 remains active as ONLY a daily open and close above 1.5475 will complete this fall while the January 23, 2009 low of 1.3502 holds.