EURUSD: Risk Building For Further Upside Pressure.
EURUSD: The pair traded higher wiping its two-day corrective pullbacks and closing higher at 1.2719 on Tuesday. Though hesitating in early trading today, further upside risk is seen towards the 1.3000 level, its psycho level or even higher. However, with the importance of the 1.3000 level, EUR could face a strong resistance at that level thus turning it back down. Above there if it materializes, will call for more strength towards its May 10’10 high at 1.5093. On the downside, a violation of the 1.2466 level will have to occur to clear the way for more downside pressure towards its .50. Fib Ret (1.1875-1.2466 rally) at 1.2169 and the 1.2162 levels, its Jun 14’10 low. Below there will set the stage for a move towards the 1.2000 level and then the 1.1875 level, its 2010 low. A cap is expected at that level turn the pair back up again if tested.
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