EURUSD: Having decisively broken through the 1.3937 level, its Sept 15’2011 low, EUR is going into the new week bullish and targeting further upside gains. This leaves the 1.4283 level, its Sept 06’2011 high as the next upside target with a violation of here setting the stage for more strength towards the 1.4342 level, its daily falling trendline and then the 1.4550 level, representing its Aug 29’2011 high. Its weekly RSI is bullish and pointing higher suggesting further strength. On the downside, the risk to this analysis will be for the pair to return below the 1.3913/37 levels, its Oct 17’/Sept 15’2011 highs. This will annul its present upside tone and bring further weakness towards the 1.3690/50 levels. Below here will activate further declines towards its Oct 10’2011 low at 1.3377 and then the 1.3144 level, its Oct’2011 low. All in all, with EUR bullish and targeting further upside gains, risk remains towards the 1.4283 level.
