Following today’s push above the 1.3500 level, the consolidation period for the EUR/USD has ended and the pair should move higher.
Today the EUR/USD moved above the December high of 1.3500 and currently has momentum behind the bullish move. Only two major resistance levels stand out on the way to the November 2010 high.
The first resistance level comes in at the November 22nd pivot at 1.3780, followed by 1.3970. The last target higher may be a 100% retracement of the November thru January move at 1.4280.
Support for the EUR/USD will come in at the December high of 1.3500, with further support at this week’s low of 1.3240.
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Russell Glaser is a Currency Analyst with ForexYard. Russell provides analysis in the FX spot market by employing fundamental research methodologies. In addition to currencies, Russell closely follows the correlation between the Commodities market and the movement of equities. His writings have been published on the ForexYard Trading Blog and associated partner sites. Prior to joining Forexyard, Russell Glaser served as a management consultant in the financial services industry, advising Fortune 100 companies. Russell holds a degree in finance from the Fisher College of Business at The Ohio State University.
