EURUSD: Continues To Sustain Its Recovery.
EURUSD: Having rallied and pushed above its minor resistance at the 1.2770 level, its Aug’27’10 high, the pair is now sustaining that strength in early trading today. This suggests that a move towards Aug 18’10 high at 1.2921 could be shaping up with a violation there targeting the 1.3332 level. A break will resume its short term uptrend towards its .50. Fib Ret (1.5143-1.1875 decline) at 1.3500 and then the 1.3691 level, its April 12’10 high. Its daily RSI is bullish and pointing higher supporting this vniew. Conversely, if weakness is seen, the1.2586 level, its Aug 24’10 low will be targeted followed by the 1.2522 level, its July 13’10 high. Further weakness if seen will aim at its Jun 20’10 high at 1.2466 and possibly lower. Overall, with bull pressure developing again, higher level prices are seen.
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