Although EUR may be struggling above its rising trendline, its broader upside bias remains intact in the medium term. However, it will have to retake the 1.3739 level, its Jan 24 2014 high to trigger further upside pressure towards the 1.3818 level, its Dec 30 2013 high.
A turn above the 1.3818 level will set the stage for a move higher towards the 1.3897 level, its Dec 27 2013 high.
Further out, the 1.3950 level comes in as the next upside. Its daily RSI is bullish and pointing higher supporting this view. On the other hand, any pullback will meet support standing at the 1.3628 level, its Jan 28’2014 low.
That level is expected to provide support when tested. However, if this level is violated, further decline could follow towards the 1.3550 level and the 1.3489 level where a violation will aim at the 1.3400 level, its psycho level. All in all, EUR remains biased to the upside medium term.
Guest post by FX Tech Strategy
