FXstreet.com (Barcelona) - After trading in a narrow range between 1.4475 and 1.4515 during the Asian and European early session, Euro has risen around 125 pips from 1.4485 ahead of the US opening bell to break 1.4515 resistance and post new 2009 highest level at 1.4600.
Currently the pair is trading around 0.60% above opening price action at 1.4493 to the actual 1.4585.
Valeria Bednarik, FXstreet.com collaborator, comments: Dollar bearish momentum remains intact and the pair continues printing fresh yearly highs, this time at 1.4585. Indicators are again overbought in the hourly, yet market sentiment will likely to keep sending the pair higher. Above 20 SMA both in1 and 4 hours charts, pair seems ready to attack the 1.4600 level.
Bednarik provide us with her levels: Resistance levels: 1.4585 1.4610 1.4660. Support levels: 1.4535 1.4500 1.4460.
Anna Coulling, analyst at Master and Markets, expects a bullish Euro: Euro vs dollar forex traders finally received the price action they have been craving for so long as the forex pair broke above the pennant formation which has been forming during August with a strong break higher to take the rate through the USD1.44 level at long last and closing the session just below USD1.45. Technically the chart ended with a wide spread up bar which now clearly signals that we are in for a period of bullish momentum for the Euro and with our initial price target now having been achieved we can look towards the USD1.50 level once again. The only area of resistance which may cause a temporary pullback is the upper boundary at USD1.4700 region but if this broken then we have a clear run back to USD1.50 and even as high as last year's USD1.60.