EURUSD: Set To Extend Recovery Gains.
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EURUSD: With a second week of upside underway, further offensive is likely. This will leave the 1.3200 level as the next upside target with a cut through here calling for a run at the 1.3318 level. Further out, resistance resides at 1.3434 level. Its weekly RSI is bullish and pointing higher supporting this view. It will have to follow through higher in the new week on its recovery or risk a return to the 1.2843 level followed by the 1.2800 level where a halt could occur and turn it higher. However, if this level breaks, expect further declines to occur towards the 1.2700 level. All in all, EUR continues to retain its corrective upside bias.