FXstreet.com (Barcelona) - The Euro has dropped to 1.5030 after reaching several pips shy of year high at 1.514655 on Thursday, although, according to Alex Rudolph, the pair remains biased ti the upside tageting 1.5145 and higher.
Scope remains for 1.5245 after 1.5145 resistance is taken out, according to Rudolph: The 1.50 support region may thus be retested Friday before renewed strength is seen. Scope thus remains for a move to 1.5245 once 1.5145 has been taken out.
At 1.5245, Rudolph expects to cap the pair and trigger some profit-taking: This (1.5245) is the 78.6% retracement of the entire sell off from the 1.6040 2008 peak. If reached, we expect this to hold the topside and provoke some profit taking.