With the pair presently holding above the 1.3494 level, its Dec 14'2011, risk of further upside gains cannot be ruled out. In such a case, the 1.3785 level, its Nov 22'2010 will come in as the next target with a break possibly turning risk towards the 1.3970 level. Its daily RSI is supportive of this view as it is bullish and pointing higher. On the downside, below its 2011 low at 1.2874 will have to be traded to reverse its current upside offensive. This will open the door for a decline towards the 1.2713 level and subsequently the 1.2600 level. All in all, with its bullish recovery tone intact, risk remains for further upside gains.


EURUSD Analysis