EUR/USD: Rises To Test Weekly Resistance
EUR/USD peaked at 1.3893 last Friday, just shy of a multi-month falling trend line. Scope is now seen for a further swing higher to retest this key area of resistance once again where supply is anticipated. Failure to be contained near the 1.3900 region will next open up a return towards 1.4247 (27/10/2011 high).
Overbought conditions and other nearby resistances such as the psychological threshold at 1.4000, may help to contain the upside longer term.