After a one-day of correction, EUR is now back above the 1.3757 level, its Jan 27'2011 high and the 1.3785 level, its Nov 22'2010 following a strong rally in today's trading session. This development has left the pair aiming at a further strength towards the 1.3970 level, its Nov 09'2010 high with a cut through there targeting the 1.4280 level, its 2010 high. Its daily RSI is bullish and pointing higher supporting its current strength. On the downside, support lies at 1.3783/57 level where resistance is expected to reverse role as support. Further down, support lies at the 1.3569 level, its Jan 31'11 low followed by the 1.3494 level. A reversal of roles is envisaged at that level but if breaks, further declines should occur towards its Jan 17'2011 low at 1.3245. All in all, with its bullish recovery tone remaining intact, we continue to see risk to the upside.
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