EUR/USD: Having closed higher following a recovery off its rising trend line (red) the past week, there is risk of a follow through higher in the new week. In such a case, resistance resides at the 1.3700 level where a violation will set the stage for a run at the 1.3818 level, its Dec 30 2013 high.
A turn above here will set the stage for a move higher towards the 1.3897 level, its Dec 27 2013 high. Its weekly RSI is bullish and pointing higher supporting this view.
On the downside support resides at 1.3548 level, representing the location of its rising trendline. Further down, support lies at the 1.3500 level and possibly lower towards the 1.3400 level.
All in all, EUR remains biased to the upside I the medium term.
Guest post by FX Tech Strategy
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