FXstreet.com (Barcelona) - Euro has extended its rally against Dollar on the back of the risk appetite and gold increase and EUR/USD has risen around 80 pips in the last hour from 1.4460 to break previous high level at 1.4505 and post 1.4521 as new 2009 highest level.
Currently the pair is trading around 1.4505/15, 1.25% above today's opening price action.
Valeria Bednarik, FXstreet.com collaborator, comments: Strong upside momentum in the pair, triggered by gold prices that reached $ 1007/oz, is keeping euro well bid despite currency seems extremely overbought against greenback. Hourly charts indicators seem a bit exhausted, yet no signs of corrections or reversals yet. Corrective movements should hold above 1.4445, previous yearly high, to keep bullish bias intact. Bigger time frames support further rises, despite also overbought.
Bednarik provides us with her today's levels: Support levels: 1.4465 1.4445 1.4410. Resistance levels: 1.4535 1.4565 1.4600.