EURUSD: Pressure Builds On The Upside.
October 5, 2012 10:52 am in Forex Analysis
EURUSD: The pair rallied sharply to close higher on Thursday. However, we will have to see EUR return above the 1.3047 and the 1.3171 levels to prevent a return to the 1.2824 level. If above the 1.3171 level is traded, the 1.3282 level will be targeted where a violation will call for a move further higher towards its weekly ema at 1.3415 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support lies at the 1.2824 level where a violation will call for a move further towards the 1.2755 level. We expect a cap to occur here and possibly turn the pair higher again. All in all, EUR continues to maintain its short term upside bias.