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Weekly Technical Strategist: EURUSD

EURUSD: Bullish, Targeting The 1.5140 Level.

EURUSD: The pair has decisively broken and held above the 1.4576 and 1.4681 levels to close strongly higher the past week. With this occurring, risk of further strength is now seen towards the 1.4902 level where a violation will put the pair in a position to strengthen further towards the 1.5140 level, its 2009 high. Its weekly RSI remains bullish and pointing higher suggesting further gains.  Alternatively, support starts at the 1.4681 level followed by the 1.4576 level. A combination of the two levels should provide support and turn the pair back up in the direction of its primary trend. Another support lies at the 1.4329 level, its channel support.