EURUSD: Price Extension Envisaged.
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EURUSD: With the pair maintaining its broader upside there is risk of an eventual return to the upside. As long as it can hold above the 1.3568 level, its medium term uptrend remains intact. Resistance resides at the 1.3645 level where a breach will aim at the 1.3710 level, its Feb 01’2013 high with a breach targeting the 1.3750 level followed by the 1.3800 level and possibly higher towards the 1.3850 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, on a price failure it will target the 1.3500 level followed by the 1.3456 level and then the 1.3321 level. A cut through here will target the 1.3250 level. Further down, support comes in at the 1.3165 level. All in all, EUR continues to retain its upside bias in the medium term.