FXstreet.com (Barcelona) - Despite its slight pull-down from Tuesday's high at 1.5115, the Euro is trading on a bullish bias, and, according to Alex Rudolph, technical analyst at Commerzbank, we would see a re-test to 1.5145 year to date high soon.
After bouncing on its LT uptrend last week, around 1.4840, Alex Rudolph observes the Euro trading upwards on its way to 1.5145 and higher: Scope remains for a move to 1.5140/1.5245. This is the 78.6% retracement of the entire sell off from the 1.6040/2008 high. If seen, we expect this to hold the topside
and provoke some profit taking.
On the downside, Rudolph points out to 1.4800 level to trigger bearish trend: Below 1.4800 would negate upside pressure and signal a slide to the current November low and the double Fibonacci support at 1.4450/75.