By | August 07 2010 6:00 AM

EUR/USD's rally from 1.1875 extended further last week and reached as high as 1.3332. Mentioned 1.31 cluster resistance was taken out, which indicates that fall from 1.5143 is finished. Initial bias remains on the upside this week and further rise should be seen towards 50% retracement of 1.5143 to 1.1875 at 1.3509 next. On the downside, below 1.3118 minor support will turn intraday bias neutral again and bring consolidations. But after all, break of 1.2731 support is needed to indicate that EUR/USD has topped. Otherwise, outlook will remain bullish.