FXstreet.com (CÃ³rdoba) - Dollar weakness across the board continues during the American session. EUR/USD rose to 1.4613 posting a fresh 11-month high. The Euro is attempting to consolidate above 1.4600 and is rising for the fifth consecutive day accumulating an increase of more than 350 pips. Above intra-day high the next resistance lies at 1.4630 and 1.4660.
The FastBrokers Research Team afirms: Regardless of present consolidation, a fresh uptrend is alive and well, indicating China's econ data will likely surpass analyst expectations. We can't create any new downtrend lines besides connecting through weekly highs, a very positive sign for the EUR/USD. Therefore, we believe the EUR/USD has quite a lot of room left to go to the topside over the near-term. However, December 2008 highs should serve as an intermediate technical barrier to the topside should they be tested.