Forex: EUR/USD: Euro breaks up and hits a fresh YTD high at 1.4560

By @ibtimes on

FXstreet.com (Barcelona) - The Euro has broken above 1.4215 intra-day high and reached levels right above yesterday's high at 1.4535 to hit a fresh year to date high at 1.4560, right at 1.4550/70 resistance area.

According to Peter Rosentreich, technical analyst at ACM - Advanced Currency Markets, 1.4570 is a sugnificant resistance area: There is some fairly significant resistance in front, firstly at 1.4569 and thereafter at 1.4684. A move above those levels would be disastrous for the USD and with most asset class correlation waning there is a suggestion that this scenario is less likely, particularly with some minor RSI divergence on the daily picture.

Resistance levels, according to Rosentreich, lie at 1.4569, and above there, 1.4684 and 1.4725. On the downside, support levels lie at 1.4445, and below there, 1.4375 and 1.4330.

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