FXstreet.com (Barcelona) - Euro has pulled back slightly during European session and, after having hit a fresh 11-month high at 1.4667, following dip was sustained above 1.4720, which, according to Peter Ruud, technical analyst at Informa Global Markets, exposes September 08 swing high at 14867.
Ruud affirms that the Euro trades near a key level on the upside, at 1.4720: The EUR/USD has extended strength through the key (61.8%) Fibonacci retracement near 1.46 to probe the December swing high at 1.4720. This pivot is also a 1.236% extension of the 50% & 61.8% retracement levels of the 2008 high-2009 low range.
On the upside, Ruud affirms that above 1.4720, next target could be 1.4867: A sustainable move above 1.4720 will next expose the September swing high at 1.4867. Beyond this pivot, however, there lacks any substantial resistance until the 1.53 region, indicating the potential for a fast market or exhaustive-type move.
On the downside, Ruud warns about pullbacks to 1.4618: Although, the EUR/USD's bullish structure remains intact (while above the upward sloping 50-day MA), a pullback is anticipated back towards the key Fibonacci retracement at 1.4618.