The Euro is trading at 14-month high on broad-based Dollar weakness, reaching levels below 1.4900 and, according to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, on a good bullish momentum.
Yesterday's close above 1.4800 suggests, according to Elliott, that we might be ahead of a long-term rally: "Yesterday’s close above 1.4800 suggests we have started the next leg of a long term rally; a weekly close above here would confirm. Bullish momentum is good though the Euro is overbought – but does anyone care?"
Concerning strategy, Elliott sees the Euro targeting 1.5000 in the short-term: "Buy at 1.4895, adding to 1.4845; stop below 1.4745. Add to longs on a break above 1.4915 and again above 1.4975 for 1.5000/1.5085 short term and then more."
EUR/USD (Oct 14 at 09:26 GMT)
H 1.4913 L 1.4835
| S3 | S2 | S1 | R1 | R2 | R3 |
| 1.4808 | 1.4845 | 1.4882 | 1.4904 | 1.4941 | 1.4979 |
| [?]Trend Index | [?]OB/OS Index |
| Slightly Bullish | Neutral |
| Data updated on Oct 14 at 09:15 (15-minute timeframe) |
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