EURUSD: Holding Cautiously Above Falling Trendline, Targets 1.4534/19 Levels.

EURUSD: With the pair managing to break and hold above its falling trendline, risk of further upside gains is now seen towards the 1.4534/19 level.A decisive penetration of that level will call for a run at the 1.4696 level, its Jun 07’2011 high. Further out, the 1.4938 level, its 2011 high comes in as the next upside target. On the downside, the 1.4256 level comes in as the initial support with a violation of there allowing for further weakness towards the 1.4053 level. A loss of there will target the 1.3837 level, its July 12’2011 low and subsequently its Mar 06’2011 low at 1.3751.