Forex

Euro
Took out that 1.5500 level yesterday with ease and just broke above the 1.56level this morning. As I noted last week, it is difficult to have any real targets on these break outs and I prefer to stay bullish until I see a clear reversal pattern. However that being said, it is now in the range where the move has been almost parabolic the last few days, so I would be cautious now, as 1.5610 is overhead resistance on 1 month chart. Then you have 1.5656 as the overhead resistance going back to 2006. A clean break above these two levels opens for a run towards 1.60. Rising trend line is all the way down at 1.5386 today and as long as this trend line holds the short term bullish momentum remains intact.
Support: 1.5520 (former overhead res), 1.5386(short term rising sup), 1.5220 (rising sup), 1.5104 (former overhead res), 1.4967(former high), 1.4915(rising sup), 1.4750 (break out level), 1.4890 (rising support),
Resistance: 1.5610 (1 month overhead res), 1.5656 (overhead res going back to 2006)
240 min – Rising support at 1.5297 and overhead resistance at 1.5610.