FXstreet.com (Barcelona) - The Euro as soared on European trading times, and, from levels right below 1.4350, the Euro has jumped to break above 1.4445 year to date high to hit a fresh high at 1.4495. At the moment, the Euro trades at 1.4475; 1.0% above its day opening price.
At the moment, the Euro trades at 1.4475/80 resistance area (Trendline resistance from Aug 13 high), and above here, next resistance levels lie at 1.4500 and 1.4520. On the downside, initial support lies at previous 2009 high at 1.4445, and below here 1.4380 and 1.4345/60.
According to George Antonakos, technical analyst at FXGreece, the Euro could rise up to 1.4500/20 and return to 1.4400 later on: As we mentioned in our analysis yesterday, new tops are likely to be formed and a move towards 1.4500-20 is possible.
However, the move above 1,4500 should be sharp and euro should return below 1.4400 quickly( false break characteristics) .
In case of breaking and holding above 1.4500, Antonakos points out to targets above 1.4700: If the price remains above 1,4500 and we see a daily close above 1,4550 Î¼ we will change our strategy and our focus will be at 1,4730 and 1,4850-00 area.