EURUSD: Rallies But Hesitating Ahead The 1.4519/34 Zone (Special Focus)

EURUSD: The pair may be rallying but continues to run into the bears at its falling trendline and ahead of the 1.4519/34 zone.EUR remains vulnerable as long as that zone continues to hold as resistance. However, on a decisive violation of the 1.4519/34 zone, bull pressure should build up towards the 1.4696 level, its Jun 07’2011 high. Further out, the 1.4938 level, its 2011 high comes in as the next upside target. Its daily RSI is bullish and pointing higher supporting this view. On the downside, the 1.4256 level comes in as the initial support with a violation of there allowing for further weakness towards the 1.4053 level. A loss of there will target the 1.3837 level, its July 12’2011 low and subsequently its Mar 06’2011 low at 1.3751.

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