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Euro/Dollar: Though the pair is hesitating, it continues to hold above the 1.4519 level and trade within its rising channel. This suggests that further upside gains are likely to be seen towards the 1.4681 level, its Dec 12’2010 followed by the 1.4800 level and then the 1.4902 level, its Dec 06’2009 high.

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Its daily RSI is bullish and pointing higher supporting this view. The risk to this analysis will be a return below the 1.4519 level. This will bring further declines towards the 1.4327 level and subsequently the 1.4146 level, its April 18’2011 low.

All in all, with the pair resuming its long term uptrend, the risk remains for further gains to occur.

EUR USD Technical Analysis April 22