Week of April 6, 2009

EURUSD remains in a complex corrective structure of the 1.4718-1.2455 fall as prices risk further rise to 1.3854 before another attempt to the downside.  ONLY a daily open and close below 1.3097 would eliminate any medium term risk to the upside with prices then likely to continue lower initially towards 1.2945.  As to the short term outlook, EURUSD remains bid while nearterm support at 1.3499 holds. For the sesssion, look to buy EURUSD within the 1.3447-1.3499 zone for further rise to 1.3854.

GBPUSD corrective rise from the March 30, 2009 low of 1.4110 remains with the February 9, 2009 high of 1.4984 as the objective, with a sustained break witnessing further price extension towards 1.5247 as the next objective. ONLY below 1.4527 would eliminate this outlook as prices would then continue to move lower towards 1.4249 beore another attempt to the upside. For the session ahead, look to buy GBPUSD within the 1.4796-1.4832 zone for 1.4984 initial target.