EURUSD: Sets Up For An Upside Offensive (Weekly Technical Strategist).

EURUSD: With a build up on its previous week gains pushing it through its falling trendline the past week, the pair is now setting up for additional gains in the new week. In such a case, the 1.4534/76 zone comes in as the next upside target with a cut through there allowing for further upside gains towards the 1.4696 level, its Jun 07’2011 high. Further out, the 1.4938 level, its 2011 high serves as the next resistance. Its weekly RSI is bullish and pointing higher suggesting further strength. On any pullback, its broken falling trendline at 1.4415 level will come in as support where a reversal of roles is likely to occur. However, a failure of that level to provide support will target the 1.4256 level, its Aug 19’2011 low followed by the 1.4053 level, its Aug’2011 low.