FOREX: EURUSD: Resumes Long Term Uptrend, Surges Higher

EURUSD: ¬†EUR has resumed its long term uptrend after rallying back above the 1.4266/79 levels, its key resistance level in early morning trading today. A firm hold above that level on a weekly closing basis will build a base for further strength towards the 1.4576 level, its Jan 2010 high. Above this level will pave the way for more gains towards the 1.4902 level. Alternatively, on further pullbacks, its broken resistance at the 1.4266/79 levels should reverse roles and provide support if tested. Other supports are located at the 1.4103 level followed by the 1.3852 level, its Mar 15’2011 low.All in all, EUR looks to strengthen further having resumed its long term uptrend.

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