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Daily Technical Strategist: EURUSD

Apr. 13, 2011 8:15 AM ET
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EURUSD: Eyes Further Strength.

  Broader bias remains higher towards the 1.4576 level as long as EUR continues to hold and trade within its rising channel. The pair looks to strengthen further and retarget the 1.4576 level, its Jan 2010 high. Above this level will pave the way for further gains towards the 1.4700 level, its psycho level ahead of the 1.4902 level. Alternatively, on pullbacks, its broken resistance turned support at the 1.4266/79 levels should hold when tested. Other supports are located at the 1.4103 level followed by the 1.3852 level, its Mar 15’2011 low. All in all, EUR looks to strengthen further towards the 1.4576 level.

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