EUR/USD: Short-Term Uptrend Continues; Monthly R2 Reached
Forex4you | Jun 04, 2015 05:22AM ET
The EUR/USD pair continues rising; it has just pierced formidable resistance at the R1 Monthly Pivot at 1.1355 and now appears to be pushing even higher.
Bullish peaks and troughs are now well-established and I expect the uptrend to continue.
Ideally, I would like to see a clear break above the 1.1466 May 15th highs for confirmation of an extension higher. There is a round-number target at 1.1500, but a move above 1.1520 would probably see a move higher to 1.1600.
The bond rout appears to be a major reason for the euro's sudden appreciation, as it has led to a rise in eurozone sovereign debt yields.
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