EUR/USD Trading Near Target Highs (1.4866). Next Target Area 1.4925. Support 1.4844 And 1.4819 Area

The EURUSD moved through 2009 highs and is testing the next target at 1.4866 (see post from yesterday).  The high reached 1.4873 but the price has come back down.  The 1.4866 is the high price going back to the week of September 21st, 2008.   The next level of congestive resistance comes in at the 1.4921-51 area where old highs are located and topside trendline is currently located (at 1.4925).

On the downside, the support comes in at the 1.4844 level now. The correction off the high came down to the 1.4846 level.  Below that 1.4813-19 where old highs from last week/yesterday and the 50% retracement of the days range is currently found.

The move higher is came despite lower ZEW survey out of the Eurozone and Germany.  In the EUROZONE, the ZEW came in at 56.9 vs 61.2. The German ZEW came in at 56.0 vs 58.8.

The dollar selling is a continuation of the worries in the US.  Rumblings about another wave of bank problems are being chatted about.  Thought that US rates are staying low for quite some time and Fed Purchases are also pressuring. Gold is at new records.  All is piling on to cause the dollar selling.   Watch technical levels.

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