The eur/usd currency pair scorched higher today, moving almost double its 12 day average (daily) range.

Breaking above daily support at 1.4000 it appears a new swing up is developing.  The next resistance level is at 1.4170 with a push beyond likely to test the recent highs at 1.4330.  Moves beyond indicates profit targets of 1.4590 and a further target of 1.4800 (rounded down).

The pair is a medium term uptrend which has accelerated higher.  This is common for tradables in this stage of a market trend.

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Source: Forexyard, EUR/USD Daily Chart

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Chief Market Strategist
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One Response to “EUR/USD Makes a Strong Move”

1. admin says:

   July 8, 2009 at 10:05 pm

   The pair has entered into a sideways channel instead of continuing to march higher. The above targets are still in play if we begin to head higher once again.