FXstreet.com (Barcelona) - The Euro is soaring on risk appetite triggered by positive stock markets and gold prices above $1,000 an ounce, and the pair has broken above 1.4375 to reach session high at 1.4397.
If the Euro manages to remain above 1.4375, next resistance level lies at 1.4405 (August 27 high) and above there,1.4445 (Year to date high). On the downside, below 1.4375, initial support level would be 1.4315/20, and below there, 1.4285/90 and 1.4230.
Accoring to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, the Euro might be on its way to a retest of 2009 high at 1.4448: Preparing to re-test this year's high (1.4448). The Euro is no longer overbought and momentum is bullish, and could increase on a daily close above 1.4350.