EURUSD: Rallies, Remains On Bullish Offensive

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By Mohammed Isah | January 31, 2013 1:26 AM EST

EURUSD: Having resumed its broader upside and remaining on the offensive, further strength is likely towards the 1.3600 level. A cut through here will call for a run at the 1.3650 level and possibly the 1.3700 level. Further out, resistance resides at the 1.3775 and then the 1.3800 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support comes in at the 1.3498 level followed by the 1.3335 level with a violation of here turning attention to the 1.3256 level. If price extension occurs, the 1.3200 level will come in as the next downside objective where a break will aim at the 1.3150 level. All in all, EUR continues to retain its broader medium term upside bias.

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