The market has been well bid over the past several weeks with the rally now looking to mount an assault on the critical medium-term highs from November 2010 at 1.4280. Look for a weekly close back above 1.4000 to reaffirm bullish outlook and accelerate towards 1.4280, while any setbacks should be well supported ahead of 1.3500. Ultimately, only a weekly close back below 1.3425 negates bullish momentum and gives reason for pause.
The market has been well bid over the past several weeks with the rally now looking to mount an assault on the critical medium-term highs from November 2010 at 1.4280. Look for a weekly close back above 1.4000 to reaffirm bullish outlook and accelerate towards 1.4280, while any setbacks should be well supported ahead of 1.3500. Ultimately, only a weekly close back below 1.3425 negates bullish momentum and gives reason for pause.
