EURUSD – The pair continues to extend its gains and post new recovery highs. This morning, it traded above the resistance at 1.3386, the March 2012 high and the risk is now for a test of the major point at 1.3493, the 50% retracement of the May 2011 to July 2012 bear trade, which links with the February 2012 highs at 1.3487, as the daily and weekly trending/momentum indicators are pointing higher. We maintain the long established at 1.3272, targeting 1.3490, with a stop placed at 1.3190, just under the mid-point of the latest advance.
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UBS Investment Bank