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With a build up on the gains of EUR/USD in the past week gains now underway, we look for EUR to convincingly break and hold above the 1.4648 level.

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This will pave the way for further strength towards the 1.4681 level, its Dec 12’2010 followed by the 1.4800 level, its psycho level and possibly towards the 1.4902 level, its Dec 06’2009 high. Its daily RSI is bullish and pointing higher suggesting further strength.

The risk to this analysis will be a return below the 1.4519 level, its key support. This will bring further declines towards the 1.4327 level and afterward the 1.4146 level, its April 18’2011 low.