EUR/USD Recovers, targets more Northside strength
EUR-USD; while the EUR may be biased to the Northside in the near term, it will have to break, and hold above the 1.3286-8 levels to trigger any further upside IMO.
Further out though, a break here will cause the up-trend to resume, and call for a drive towards its 2 December 2011 high at 1.3547, and a break there targets its weekly 200 EMA at 1.3642.
Its daily RSI is Bullish and pointing higher supporting this POV.
But, on any price failure, the pair will aim at the 1.3003 mark where a break will bring further declines towards 1.2975.
On continued weakness, the pair will target the 1.2930 mark, its 25 January 2011 low with a slice through there allowing for further declines towards the 1.2879 mark. All in all though, the EUR continues to recover and move higher in here. Stay tuned...
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.