EURUSD- EUR rose sharply through its Mar’1995 at 1.4535 on Tuesday and followed through to the upside to break to a new 2007 high of 1.4703 in early trading today, leaving the 1.4800 level, its psycho level as the next upside target ahead of a stronger technical resistance level at the 1.4918 level, which represents its 1.618 Fib Ext (monthly chart).As long as the invalidated resistance turned support at 1.4535 remains unbroken, odds are for higher prices in both the medium and longer term with the only immediate setback seen from the overbought nature of the pair in the nearer term. If the latter materializes, then its initial target will come in at 1.4600 with a loss of there paving the way for more price weakness towards its Mar’1995 high at 1.4535 where a halt is expected to turn the pair higher again.If a violation of there is seen, EUR will aim at its 1.618 Fib Ext. (daily chart) / broken weekly rising channel top at 1.4463/83 and then the 1.4342/63 zone, its Oct 22’07 high/1.272 Fib Ext. (daily chart).On the whole,EUR continues to maintain its bullish structure and now looks to head towards the 1.4918/1.5000 handle.

SupportComments
1.4600Psycho Level
1.4527/35Nov 01’07 high/Mar’1995 high
1.4463/811.618 Fib Ext.(daily chart) /weekly rising channel top
1.4342/63Oct 22’07 high/1.272 Fib Ext. (daily chart)

ResistanceComments
1.4700Psycho Level
1.4800Psycho Level
1.49181.618 Fib Ext (monthly)