EURUSD: Bullish, Builds On Further Strength

Jan 18, 2012
EURUSD: With continued bullish tone still intact., further upside could follow in the new week. However, it will have to take out the 1.3600 level to prevent a return to the 1.3295 level. Further out, resistance resides at the 1.3650 level where a break will aim at the 1.3710 level. Price hesitation may occur here but if violated it will target the 1.3800 level. Conversely, support lies at the 1.3300 level with a break turning focus to the 1.3250 level and possibly lower towards the 1.3200 level. We may see bulls come in here and turn the pair higher but further decline is seen expect a move lower towards the 1.3100 level. All in all, EUR remains biased to the upside in the medium.