EUR/USD Pulls Back Still Maintains Medium Term Upside Bias

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EUR/USD: We continue to maintain our medium term upside bias on EUR despite its pullback threats. Minimum resistance resides at the 1.3710 level, its Feb 01’2013 high.

Further out, resistance comes in at the 1.3750 level followed by the 1.3800 level and possibly higher towards the 1.3850 level.Its daily RSI is bullish and pointing higher supporting this view.

Conversely, support stands at the 1.3600 level where a breach will target the 1.3500 level followed by the 1.3456 level and then the 1.3321 level.

A cut through here will target the 1.3250 level. All in all, EUR continues to retain its upside bias in the medium term.

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