EURUSD: Maintains Above The 1.4717 Level, Eyes Further Upside.
EURUSD- Having decisively broken and held above the 1.4719 level, its Dec 18'09 high, EUR now looks to head further higher targeting the next tar resistance standing at the 1.4875 level, representing its Sept 21'09 high. A trade above the latter will clear the way for a run at its psycho level at 1.5000 where a break will accelerate further upside towards the 1.5082 level, its Aug 10'08 high. On the downside, weakness if seen will trigger declines towards the 1.4736/19 level, its Sept 16'09/Dec 18'08 highs ahead of the 1.4634 level, its Sept 11'09 high with a break and hold below there creating scope for further pressure towards the 1.4446 level, its Aug 09 high. This level is of significance in the pair's current run to the upside, as it is expected to reverse roles and provide support. Its overbought studies are now building a case for corrective pullbacks. On the whole, having continued to print higher level prices, EUR remains poised to target additional upside gains towards the 1.4875 level.
1.4736/19 Sept 16'09/Dec 18'08 highs
1.4634 Sept 11'09 high
1.4446 Aug 05'09 high
1.4875 Sept 21'09 high
1.5000 Psycho level
1.5082 Aug 10'08 high.
Daily Chart: EURUSD