EURUSD: Opens Up Further Upside Risks, Pressures Key Resistance
October 17, 2012 11:27 am in Forex Analysis
EURUSD: The pair broke and held above the 1.3073 level on Tuesday, opening the door for more upside offensive. This has set the stage for a run at the 1.3171 levels with a breach of here resuming its broader uptrend towards the 1.3282 level. A cut through here will call for a move further higher towards its weekly ema at 1.3415 level. Its daily RSI is bullish and pointing higher. Conversely, to annul its present bull offensive, a break and hold below the 1.2824 level must occur. This level is key as a break and hold below here could push EUR deeper towards the 1.2755 level. We expect a cap to occur here and possibly turn the pair higher again. If broken, expect further declines to develop towards the 1.2625 level. All in all, EUR faces further upside threats.