EUR/USD
EUR/USD rose to as high as 1.3494 last week and the break of 1.3330 resistance confirms that whole rally from 1.1875 has resumed. Initial bias remains on the upside this week and further rise should be seen towards next target of 100% projection of 1.1875 to 1.3330 from 1.2587 at 1.4024, which is close to 1.4 psychological level. On the downside, below 1.3286 support will suggest that a short term top is formed and bring consolidations. But downside should be contained by 1.3018/3158 support zone and bring rally resumption.
In the bigger picture, price actions from 1.6039 is a correction to long term rally from 0.8223 and could have finished down to 1.1875 already. Short term outlook will remain bullish as long as 1.2587 support holds and further rally should be seen to upper trend line resistance (1.6039, 1.5143, now at 1.4600) next. Break there will target a new high above 1.6039.
In the long term picture, considering the long term up trend from 2000 low of 0.8223 to 2008 high of 1.6039, price actions from 1.6039 are viewed as a correction only. Hence, we'd expect another high above 1.6039 eventually, after correction from 1.6039 is confirmed to be finished.
