FXstreet.com (Barcelona) - The Euro has extended its recovery against the Dollar from intra-day low at 1.4885 in the early European session to break MA55, 100 and 200 periods in the 60 minutes chart zone at 1.4915/25 and jumps to hit intra-day high close to 1.4985. Currently the pair is trading around 1.4875/85, 0.10% above today's opening price action.
EUR/USD is trading higher today's after recovering previous losses, taking positions on the back of today's main data in US. The United States expects to confirm its recovery with its 3.0% increases in the 3Q annualized GDP preliminary release. Previous data was posted as 3.5% increases in the 2Q.
According to Mohammed Isah, analyst at FXTechstrategy, the immediate risk in EUR/USD is bullish: With most of its recovery gains on Monday still maintained, immediate risk remains higher with focus on its Nov 16'09 high at 1.5014. A sustained break and hold above there will set the stage for a run towards its YTD high at 1.5062 with an eventual break of that level creating scope for further upside towards the 1.5082 level, its Aug 10'08 high and next its 1.5283 level, its May 04'08 low. This view remains valid while EUR holdSfirmly above its long rising trendlineand its Nov 20'09 high at 1.4799. Its daily studies have turned higher supporting this view.