FXstreet.com (Barcelona) - After rising around 55 pips in the Asian session from 1.4570 and posting new 2009 highest level at 1.4626, EUR/USD has declined to trade below 1.4600, close to 1.4580 losing almost all of initial gains.
Currently the pair is trading around 1.4580/90, 0.05% above today's opening price action at 1.4575.
Nicolle Elliot, analyst at Mizuho Corporate Bank, recommends Buy at 1.4620, adding to 1.4500; stop well below 1.4450. Add to longs on a break above 1.4635 for 1.5000 medium term: This week's fifth best performing currency (Swedish krona's top dog) posting a new high for this year at 1.4622 (and hard to believe we started the week at 1.4290). Our first measured target remains at 1.5000 and we still feel implied volatility should increase this month as the Euro is overbought right now and bullish momentum not as strong as it was earlier this year.