Tuesday, June 15, 2010
Forex: EUR/USD breaks above 1.2210/15 area
The Euro is accelerating its recovery on Monday's European session, and after breaking above 1.2150 resistance on Asian trade, the European currency has extended above 1.2210/15, supported by positive sentiment on equity markets, reaching 1.2255 session high so far.
The overall bias has switched to bullish according to Stoyan Mihaylov, technical analyst at Deltastock.com who points out to 1.2330 to confirm a major bottom on Jun 7: "With the recent break above 1.2150 major resistance the overall bias has transformed into bullish and a break above 1.2330 will confirm, that a major bottom is in place at 1.1876."
On the downside the base of the current rally lies at 1.2150, says Mihaylov: " Initial intraday support comes at 1.2150 and it will provide reliable base for a test of 1.2330 area."