EURUSD: Poised To Strengthen To 1.4083/1.4279 Levels
EURUSD: Having With bullish momentum remaining intact and a follow through on the back of its last week gains underway, we are looking for an attack on its Nov 08’2010 high at 1.4083. Once that level falls, EUR will be off to the 1.4279 level traded in early Nov 2010 with a breach of that level resuming its long-term uptrend and targeting the 1.4575 level. Its weekly and daily RSI is bullish and pointing higher suggesting further strength. Alternatively, support lies at the 1.3859 level with a break turning risk towards the 1.3710 level, its Feb 28’2011 low and then the 1.3427 level, its Feb 14’2011. All in all, with continued strength seen, EUR looks to build on further gain towards the 1.4083 level and beyond.
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