Forex: EUR/USD testing 1.3370; next big target at 1.3485
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EUR/USD
FXstreet.com (Barcelona) - The Euro continues to charge higher through Asian trade, printing a fresh 8-month high at 1.3373. In the short run, most analysts and market commentators seem inclined to support the rally on the Euro, pointing that 1.3484 is the most logical target going forward, which still gives a 110+ room for the potential ride up.
Valeria Bednarik, chief analyst at FXstreet.com, reflects the present market sentiment towards the euro on her Asia morning analysis, stating that "for the short term an according to the hourly chart, the upside remains exposed after RSI bounced in its 70 level and heads back north, while 20 SMA contains the downside now around key 1.3300 area."
"Momentum also stands in positive territory i higher timeframes, adding that 1.3370 area comes as immediate resistance, but once above, expect the upside to extend eyeing mentioned 1.3485" she adds.
Earlier on the session, it was reported that Marc Chandler, Global Head of Currency Strategy at BBH, is also confident - from a technical standpoint - that "there is room for follow through buying..."
Valeria also stresses the paramount importance of 1.3485 as a key level, noting that "the level stands as the neckline of a weekly inverted H&S of @ 1450 pips..." If the bulls manage to conquer the area, Valeria thinks that a continuation towards 1.50 would make technical sense. However, she retracts herself from such lofty projections just yet, saying that for the time being, that is a prospect too distant to even be considered, "but worth's keeping an eye on the level, especially if price manages this week to take over and stay above 1.3485..." she said.
Valeria Bednarik, chief analyst at FXstreet.com, reflects the present market sentiment towards the euro on her Asia morning analysis, stating that "for the short term an according to the hourly chart, the upside remains exposed after RSI bounced in its 70 level and heads back north, while 20 SMA contains the downside now around key 1.3300 area."
"Momentum also stands in positive territory i higher timeframes, adding that 1.3370 area comes as immediate resistance, but once above, expect the upside to extend eyeing mentioned 1.3485" she adds.
Earlier on the session, it was reported that Marc Chandler, Global Head of Currency Strategy at BBH, is also confident - from a technical standpoint - that "there is room for follow through buying..."
Valeria also stresses the paramount importance of 1.3485 as a key level, noting that "the level stands as the neckline of a weekly inverted H&S of @ 1450 pips..." If the bulls manage to conquer the area, Valeria thinks that a continuation towards 1.50 would make technical sense. However, she retracts herself from such lofty projections just yet, saying that for the time being, that is a prospect too distant to even be considered, "but worth's keeping an eye on the level, especially if price manages this week to take over and stay above 1.3485..." she said.
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