FXstreet.com (Barcelona) - The Euro has shrugged off weakness seen during Asian session and, after bouncing at 1.4825, the pair has reached 1.4950 area, and according to Stoyan Mihaylov, technical analyst at Deltastock.com, targeting 1.5104.
The pair seems ready for its next leg upwards, with main target at 1.5104, says Mihaylov. Recent low at 1.4827 was a test of the 1.4812 support area and the pair is ready for next leg upwards, to 1.5104 main target. Intraday resistance comes at 1.4967 and crucial is 1.4872.
In a longer term view, Mihaylov observes the Euro in a broad consolidation after bottoming at 1.2331: EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are neutral, and trading is situated above the 50- and 200-Day SMA, currently projected at 1.4134 and 1.3523.