EURUSD: Hitting Further Higher Prices With Attention On The 1.4719 Level

Following its intra day reversal of losses to close higher at 1.4669 on Tuesday, EUR was seen following through on those gains in early morning trading today challenging higher prices and targeting its strong resistance located at the 1.4719 level. If that level is tested and eventually gives way, further medium term incursions will be seen towards the 1.4875 level, its Sept 21'09 high with a violation of there creating scope for more upmove towards the 1.5082 level, its Aug 11'08 high. Its daily studies though in overbought zone remain bullish. To the downside, its immediate support lies at the 1.4634 level, Sept 11'09 high with a breach of there accelerating losses towards the 1.4514 level, the Sept 14'09 low followed by the 1.4446 level, its Aug 09 high where a reversal of roles is expected to turn EUR higher again. On the whole, with continued strength seen, EUR remains biased to the upside in the medium term for further upside gains.

Support                Comments

1.4514                  Sept 14'09 low

1.4446                   Aug 05'09 high

1.4405                   Aug 27'09 high

Resistance            Comments

1.4719                   Dec 18'08 high

1.4875                   Sept 21'09 high

Daily Chart: EURUSD