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Weekly Technical Strategist: EURUSD

EURUSD: Sees Strong Bullish Momentum, Set For More Gains

Having convincingly violated the 1.4248/79 zone and closed strongly higher to resume its long term uptrend, further strength is now envisaged in the new week. This should set the stage for a run at the 1.4576 level, its Jan 2010 high with a break of that level targeting the 1.4902 level, its Dec 06’2009 high. Its weekly RSI remains bullish and pointing higher supporting this view.  Alternatively, support starts at the 1.4411 level followed by the 1.4266/79 levels. We expect the latter zone to reverse roles as support if tested and then turn the pair higher. Other supports are located at the 1.4103 level followed by the 1.3852 level, its Mar 15’2011 low. All in all, EUR is now set to strengthen further on the back of its past week strong rally.