EURUSD: Bullish But With Caution
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EURUSD: Having EUR managed to closed higher the past week after testing a high of 1.3966 level, risk points higher. However, with the 1.4000 level resistance nearby it may continue to fail ahead of that level with downside risk envisaged. Resistance resides at the 1.3966 level, its Mar 13 2014 high with a cut through there paving the way for a run at the 1.4000 level, its big psycho level. We expect bears to come in here and turn it lower but if eventually violated further upside is likely. Conversely, resistance resides at the 1.4050 level and then the 1.4100 level. On the downside, support lies at the 1.3833 level and then the 1.3800 level. Below here will aim at the 1.3772 level. Further down, support comes in at the 1.3685 level. All in all, EUR remains biased to the upside on further recovery.