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FXstreet.com (Barcelona) - The Euro has recovered the positive bias and rebound at Tuesday's low 1.4885 has extended to levels right above 1.5000. and according to Alex Rudolph, technical analyst at Commerzbank, is up for a re-test of YTD high at 1.5064.
The Euro remains positive while above the 55 day SMA, looking at 1.5064, year to date high, according to Rudolph: "EUR/USD's positive bias is maintained while above its trendline and 55 day ma, these are located at 1.4780/1.4805. We look for a break higher to feature shortly and look for the 1.5064 recent high to be
retested."
Above 1.5065, Rudolph observes 1.5140/65 as first target: "Above 1.5064 we target 1.5140/65 en route to 1.5245/87 region (78.6% Fibonacci retracement of the 2008 decline and May 2008 low)."
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