FXstreet.com (Barcelona) - The Euro is trading at 14-month high on broad-based Dollar weakness, reaching levels below 1.4900 and, according to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, on a good bullish momentum.
Yesterday's close above 1.4800 suggests, according to Elliott, that we might be ahead of a long-term rally: Yesterday's close above 1.4800 suggests we have started the next leg of a long term rally; a weekly close above here would confirm. Bullish momentum is good though the Euro is overbought - but does anyone care?
Concerning strategy, Elliott sees the Euro targeting 1.5000 in the short-term: Buy at 1.4895, adding to 1.4845; stop below 1.4745. Add to longs on a break above 1.4915 and again above 1.4975 for 1.5000/1.5085 short term and then more.