Forex: EUR/USD breakout after overcoming 1.4500

FXstreet.com (London) - EUR/USD has traded to the upside this session, gaining around 20 pips on the greenback. Weak labour data recently has made investors reconsider near-term and indeed long-term prospects for the national and global economy, especially when coupled with the debt and political problems faced across Europe right now. Pair currently quoting at 1.4542, having successfully broken the strong 1.4500 resistance level.

Credit worries are still linger, and eyes this year will focus on the development and action of the respective government for many Eurostates including Spain, Portugal, Sweden and in particular Greece.

Pair currently trades in relatively up-trending direction, based on less demand for Dollar and higher demand for riskier currency pairs. The series of major company reports will be the next key signs on the recovery road for investors.

For primary resistance we take 1.4575 (one-month highs tested previous session), and for support should downside find momentum again, we look at 1.4500 as the key reversal return level.

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